WUXI, China and NEW DELHI, India, Aug. 3 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of crystalline silicon solar panels, has signed agreements to supply Azure Power, India's leading independent solar power producer, with several megawatts of solar panels to develop utility-scale solar projects across several states in India.
The solar power plants will be owned, developed, and financed by Azure Power and will feature thousands of Suntech's industry-leading 280W polycrystalline solar panels. The first project is already under construction and additional solar power plants will be developed in early 2011.
Announcing the partnership, Mr. Inderpreet Wadhwa, CEO, Azure Power said, "Azure Power is excited to be working with Suntech, a world leader in solar PV modules. We believe that Suntech has superior crystalline silicon solar modules available in the market today and the know-how required for setting up large, utility-scale solar projects. Azure Power will continue to work with global leaders to deliver on our ambitious plans to reach grid parity with solar energy generation."
The clean and quiet solar facilities will supply thousands of local residents with reliable electricity for decades, especially during peak demand hours, providing a sustainable alternative to carbon-based energy production. According to the World Health Organization, air pollution is responsible for more than 500,000 premature deaths in India each year, with emissions from fossil fuels - such as sulfur dioxide - cited as the primary cause.
"With remarkable solar resources and robust economic growth, India has enormous potential for the development of a strong solar industry," said James Hu, Suntech's president for Asia Pacific, Middle East and Africa. "We are excited about our partnership with Azure Power and working together to power sustainable economic growth in India for decades to come."
About Azure Power
Azure Power is an independent solar power producer and the first private sector company to implement a megawatt scale grid connected solar photovoltaic power plant in India. Azure Power's team has decades of experience building industry-leading companies, executing complex infrastructure projects, and financing high-growth enterprises. Azure Power creates innovative solutions to deliver solar energy to its utility, government, and commercial customers. By providing solar energy as a service, Azure Power manages the entire project process for customers, reducing the upfront and ongoing operational and management costs.
For more information on Azure Power please visit: http://www.azurepower.com
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces industry-leading solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more than 10,000,000 photovoltaic panels to thousands of customers in more than eighty countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels. Suntech's mission is to provide everyone with reliable access to nature's cleanest and most abundant energy source.
For more information about our people and products visit: http://www.suntech-power.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 statement, and include the ability of the Suntech and Azure Power partnership to develop future solar projects in India, the number of local residents the solar power will supply, and the decades time period such power can be supplied. 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.
For more information, please contact:
For Azure Power:
Priya Mathew
Tel: +91-9959987637
Email: press@azurepower.com
Sukhi Raghunath
Tel: +91-9986754074
Email: press@azurepower.com
For Suntech:
Walker Frost
Senior Supervisor
Marketing & Communications
Suntech Power Holdings Co., Ltd.
Tel: +86-21-6288-5574
Email: walker.frost@suntech-power.com
Rory Macpherson
Investor Relations Director
Suntech Power Holdings Co., Ltd.
Tel: +1-415-268-8975
Email: rory@suntech-power.com
