Siemens and Suntech Enter Framework Agreement for PV Panels

MUNICH, Jan. 27, 2011 /PRNewswire-Asia/ -- Siemens Energy has signed a framework agreement with Suntech Power Holdings Co. Ltd. (NYSE: STP), the world's largest manufacturer of photovoltaic (PV) modules. The photovoltaic modules to be supplied under this umbrella agreement are for several projects in Europe.

"Siemens is offering EPC solutions for photovoltaic plants," said Martin Schulz, Vice President Photovoltaics Siemens Renewable Energy Division. "With Suntech we have a bankable partner to provide reliable photovoltaic plants to our customers." In the last seven months Siemens has secured orders for photovoltaic plants with a combined capacity of over 80 MW from six different countries. As EPC contractor, the company handles the turnkey construction of solar power plants combining in-house components such as inverters or transformers and independent panel sourcing as well as local sourcing.

Jerry Stokes, President of Suntech Europe, stated: "We are excited to establish a strategic cooperation with a strong partner such as Siemens. We have already started executing on the agreement for projects developed throughout Europe. Siemens' global presence facilitates joint projects in Europe as well as in other parts of the world."

Photovoltaic plants are part of Siemens' Environmental Portfolio. In fiscal 2010, revenue from the Portfolio totaled about EUR28 billion, making Siemens the world's largest supplier of ecofriendly technologies. In the same period, our products and solutions enabled customers to reduce their carbon dioxide (CO2) emissions by 270 million tons, an amount equal to the total annual CO2 emissions of the megacities Hong Kong, London, New York, Tokyo, Delhi and Singapore.

About Siemens Energy

The Siemens Energy Sector is the world's leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2010 (ended September 30), the Energy Sector had revenues of approximately EUR25.5 billion and received new orders totaling more than EUR30.1 billion and posted a profit of more than EUR3.6 billion. On September 30, 2010, the Energy Sector had a work force of more than 88,000.

Further information is available at: www.siemens.com/energy.

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 14,000,000 photovoltaic panels to over a thousand 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. Further information is available at www.suntech-power.com.

Forward Looking Statements

For more information about Suntech's people and products visit www.suntech-power.com  

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. 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.