SAN FRANCISCO, Calif., Nov. 14 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, today announced it has signed two agreements with a major Korean conglomerate to purchase silicon wafers. The first agreement provides for the supply of silicon wafers over a one and a half year period beginning in January 2008 at a fixed price on a take or pay basis. The second agreement provides for the supply of predetermined volumes of silicon wafers over a seven-year period beginning in 2009, with a fixed price reduction curve on a take or pay basis. Additionally, the agreement sets forth purchase options of Suntech’s world-class PV modules for power plant projects initiated by the Korean firm world-wide.
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Suntech’s Chairman and CEO Dr. Zhengrong Shi stated, “We are delighted to establish this relationship for the supply of high quality silicon wafers. The first agreement helps us to meet the significant surplus demand for Suntech’s high performance products in a silicon constrained environment. The second agreement provides a reliable source of silicon at prices well below market rates and is a welcome addition to our growing silicon supply portfolio.”
Dr. Shi continued, “We look forward to expanding our silicon supply relationship with this new partner and anticipate supplying Suntech’s world-class PV modules for their power plant projects in the near future.”
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 comments about the strength of Suntech’s silicon supply portfolio and pipeline. 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:
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
