March 16, 2010 (FinancialWire) — China Sunergy Co., Ltd. (NASDAQ: CSUN), a Chinese solar cell manufacturer, said it has inked an agreement to acquire 100% of the shares of two related module manufacturers, CEEG Solar Science & Technology Co., Ltd and CEEG New Energy Co., Ltd.

The company said it will be “fully capable” of funding the acquisitions, which have a total consideration of around $47 million. The consideration is payable by China Sunergy to China Electric Equipment Group and Sundex Holdings Ltd. in a series of installments.

China Sunergy said the transactions have been reviewed and approved by all three companies’ boards of directors.

CEEG Solar Science & Technology and CEEG New Energy integrate the R&D, production, sales and servicing of solar modules, with total annual production capacities of 150 MW and 70 MW, respectively, with capacity forecasted to be 300 MW and 170 MW by the middle of the year.

Both companies were controlled by China Electric Equipment Group a company controlled by Tingxiu Lu, China Sunergy’s chairman.

The companies have a sales network within the United States, Germany, Spain, Italy, the Czech Republic and Southeast Asia.

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