Aug. 9, 2012
/PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that it had agreed to supply 50MW in multi-crystalline PV modules to its Bulgarian partner V2M and its affiliates, for projects in
, in the third and fourth quarters of 2012. V2M Ltd, a Bulgarian solar system developer and EPC contractor established in 2010 by
and MAT Ltd., recently completed its 2.2 MW Orlova Mogila solarpark project near Dobritsch on
's Black Sea coast, with modules supplied by China Sunergy.
Together with its partners including V2M, China Sunergy has made solid progress in expanding its market share in Eastern Europe. China Sunergy held market share of more than 11% and 32%, respectively, in
for the year ending
December 31, 2011
. So far this year, China Sunergy has shipped a cumulative total of 24.38MW in PV modules to
for solar parks and rooftop systems.
With regard to the 50MW projects in
, V2M is to be responsible for the project development and EPC contracting. V2M has secured project and bridge financing from Japanese-Bulgarian Tokuda Bank.
, Managing Director of V2M
Ltd., commented on its relationship with China Sunergy, "We are delighted by the level of professional support provided by China Sunergy and by the high quality of CSUN photovoltaic modules. The modules installed in our
solar park project are already performing above expectations in the first few days after installation."
, CEO of China Sunergy, emphasized his commitment to the region: "CSUN is determined to further enhance its position in
with strong partners like V2M. We are ready to provide our high efficiency PV products and extensive technical and project support to these up and coming markets."
About China Sunergy Co., Ltd. (CSUN)