China Sunergy Deepens Partnership with Bulgarian Developer V2M to Expand in Eastern Europe
FRANKFURT, Germany and NANJING, China, 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 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.
With regard to the 50MW projects in Romania and Macedonia, V2M is to be responsible for the project development and EPC contracting. V2M has secured project and bridge financing from Japanese-Bulgarian Tokuda Bank.
Valeri Yankov, 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 Orlova Mogila solar park project are already performing above expectations in the first few days after installation."
Stephen Cai, CEO of China Sunergy, emphasized his commitment to the region: "CSUN is determined to further enhance its position in Eastern Europe 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)
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilizes crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators and solar power systems for use in China and many other markets.
For additional information, please visit http://www.chinasunergy.com.
China Sunergy Co., Ltd
Tel.: +86-25- 5276-6696
CSUN Europe GmbH
Brunswick Group Hong Kong
Phone: + 852 3512 5000
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products; execution of our strategy to expand into downstream solar power businesses; the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
SOURCE China Sunergy Co., Ltd.
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