09 August 2012
China Sunergy Co., Ltd., a specialised solar cell and module manufacturer, today announced that it had agreed to supply 50 megawatts (MW) in multicrystalline photovoltaic (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 engineering, procurement and construction (EPC) contractor established in 2010 by Valeri Yankov and MAT Ltd., recently completed its 2.2MW Orlova Mogila solar park project near Dobrich 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 a market share of more than 11% and 32% in Bulgaria and the Czech Republic, respectively, for the year ending 31 December 2011. So far in 2012, 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.
