China Sunergy Opens Manufacturing Facility in Turkey
China Sunergy (NASDAQ: CSUN) today announced that the company has set up a new manufacturing facility in Istanbul, Turkey with local partner Seul Energy Investment Corp ("SEUL Energy"), a leading solar system provider, solar project developer and installer in Turkey.
In September, the two companies signed agreements to invest jointly in three newly established companies under the name "CSUN Eurasia" to produce PV cells and PV modules in Turkey and to invest in downstream solar projects in Turkey and neighboring countries. The first 150 MW solar module line installed in the new facility will begin producing solar panels in January 2013, while 100MW solar cell line is now under installation and will start manufacturing in March 2013. Moreover, company is currently planning to move additional 200MW equipment to Turkey plant from the facilities in Shanghai in the first quarter of 2013 and to gradually ramp up production in the first half of next year, a plan subject to market dynamics