WUXI, China, Oct. 18 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced an agreement with ReneSola Ltd (AIM: SOLA), a leading manufacturer of wafers for the photovoltaic industry, to purchase 510MW of silicon wafers over a four-year period beginning in January 2008.
"We are very pleased to announce this expanded relationship with our long time supplier ReneSola, a rapidly growing producer of high quality silicon wafers," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This agreement demonstrates Suntech's ability to continue to secure a high volume of silicon despite the industry shortage."
Dr. Shi added, "These silicon wafers will supplement our already healthy and diversified supply outlook for the next four years as well as enable us to increase our production of high efficiency solar cells and achieve our market expansion goals faster than we originally anticipated."
Mr. Xianshou Li, ReneSola's CEO, said: "We are excited to expand our long term strategic relationship with Suntech, one of the global leaders in the solar industry. We consider Suntech to be one of our long term cornerstone customers and hope to grow together successfully as we focus on rapidly expanding our capacity to deliver high quality wafers."
About Suntech
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 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, North America, Japan and China. For more information, please 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 statements, and includes the total amount of wafers to be purchased by Suntech under the agreement and Suntech's achievement of market expansion goals. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the performance of the parties under the agreement. 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:
In China:
Rory Macpherson
Investor Relations Manager
Suntech Power Holdings Co., Ltd.
Tel: +86-510-8531-8922
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
