WUXI, China and OLNEY, Md., Nov. 30 /Xinhua-PRNewswire/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of
photovoltaic (PV) cells and modules, has announced a multi-year contract to
supply solar modules to a division of Sun Edison, LLC, North America’s
largest solar energy service provider.
The total value of the contract ranges from approximately $50 million to
$90 million over the term of the contract. The contract is structured in a
similar manner as Suntech’s long-term silicon supply agreement in order to
enhance steady operating results.
The United States has become one of the fastest growing markets for
photovoltaic products due to recent initiatives by a number of states to
promote the use of renewable energy sources. The California Solar
Initiative, which aims to increase the amount of installed solar capacity on
rooftops in the state by 3,000MW by 2017, is one of the most progressive. It
is anticipated that the solar modules shipped under this contract will be
used primarily in the California market.
“We are extremely pleased to partner with SunEdison, the largest solar
energy services provider in North America,” said Mr. Roger Efird, President
of Suntech America. “SunEdison has a proven track record as a major
consumer of PV products within the United States and we aim to grow
together.”
“We are committed to being a long term player in the PV market in the
United States and are excited with this new partnership with SunEdison. This
new relationship with SunEdison presents a strong step forward in our
penetration of the rapidly growing U.S. solar market and our ongoing strategy
to diversify our sales geographies,” said Dr. Zhengrong Shi, Suntech’s
Chairman and CEO. “We are looking forward to working with SunEdison to help
bring clean and increasingly affordable solar energy to a growing number of
American homes and businesses.”
“This multi-year supply contract with us solidifies Suntech America as a
permanent fixture in the United States offering high quality, UL-certified PV
solar products. SunEdison only works with proven vendors for delivery of our
solar power plants in North America. This contract means that we have the
utmost confidence in Suntech product performance and quality,” said Mr.
Brian Jacolick, vice president of sales of SunEdison.
In August 2006, Suntech established Suntech America, a wholly-owned
subsidiary with the goal of expanding market share in the U.S.
About Suntech and Suntech America
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by both production output and capacity of solar cells and
modules. Suntech provides solar solutions for a green future. Suntech
designs, develops, manufactures, and markets a variety of high quality, cost
effective and environmentally friendly PV cells and modules for electric
power applications in the residential, commercial, industrial, and public
utility sectors. Suntech’s majority-owned subsidiary, MSK Corporation is
one of Japan’s largest PV manufacturers and one of the top-ranked companies
in the building-integrated photovoltaics (BIPV) space. Suntech’s customers
are located in various markets worldwide, including key markets throughout
Europe, Japan, China and the United States. For more information, please
visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly owned subsidiary of Suntech Power
Holdings Co., Ltd. Established in August 2006 as a Delaware corporation,
Suntech America is dedicated to promoting a greener America through the use
of Suntech’s clean solar modules and cells.
About SunEdison
SunEdison LLC is North America’s largest solar energy services
provider. The company simplifies solar for utilities, government agencies
and commercial enterprises. SunEdison is based in Baltimore, MD. For more
information, please visit http://www.sunedison.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute “forward-looking” statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements
can be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Among other things, Suntech’s
expectations with respect to their agreement with a SunEdison company contain
forward-looking statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Further information regarding these and
other risks is included in Suntech’s filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F. Suntech does
not undertake any obligation to update any forward-looking statement as a
result of new information, future events or otherwise, except as required
under applicable law.
