China Sunergy (CSUN) Agrees On 120MW Italian Supply Deal

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10:33:05 am on December 17, 2010

China Sunergy (CSUN) has announced that it’s agreed on a supply deal with a leading Italian solar developer to supply 120MW of solar modules from now through Q3 2011.  CSUN was able to secure the deal because of the acquisitions of Shanghai Solar Science & Technology and Nanjing New Energy which had a previous relationship with Ecoware.

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“We are very pleased to continue our partnership with Ecoware S.p.A., a loyal client of these two acquired module companies in the past and now a client of China Sunergy. The signing of the agreement will further strengthen our successful cooperation and increase our share in the Italian PV market,” Mr. Stephen Zhifang Cai, CEO of China Sunergy, commented. “So far this year, China Sunergy has entered into collectively over 600 MW of PV module contracts for year 2011 delivery.”  

Shares of CSUN surged at the open, but are now off the highs and in correction mode after testing the 2010 highs.  The stock still looks moderately bullish on the daily chart.

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