China Sunergy Deepens Partnership with Bulgarian Developer V2M to Expand in Eastern Europe
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 Romania and Macedonia, in the third and fourth quarters of 2012. V2M Ltd, a Bulgarian solar system developer and EPC contractor established in 2010 by Valeri Yankov and MAT Ltd., recently completed its 2.2 MW Orlova Mogila solarpark project near Dobritsch on Bulgaria'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 Bulgaria and Czech Republic 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 Bulgaria for solar parks and rooftop systems.
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