China's First 10MW Ground Mount Solar System Connects to the Grid
WUXI, China, Sept. 30 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced the completion and grid connection of the first 10MW utility-scale solar power project in China. Located in Shizuishan, Ningxia Autonomous Region, the 10MW ground mount solar system is the first phase of a 50MW solar plant that is targeted to be completed by 2011 in conjunction with Suntech's strategic partner, China Energy Conservation Investment Corporation (CECIC). In addition to supplying high quality solar modules for the system, Suntech designed, installed and managed the development of the solar system and holds a minority share of the project.
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Dr. Zhengrong Shi, Suntech's Chairman and CEO said, “Suntech is very pleased and honored to play a leading role in the development of the first on-grid 10MW solar PV power plant in China, which represents a major milestone in the development of China's renewable energy industry. We applaud the decisive steps taken by China’s central government and local government to support sustainable energy development and establish a greener economy in China. With closer cooperation between strategic energy investors, power developers and solution providers, I am confident that solar energy will become increasingly cost effective and achieve grid parity in many locations over the next few years.”
Mr. Longsheng Li, Deputy General Manager of CECIC commented, “We believe that plentiful, large-scale solar resources, powered by Suntech's premium quality solar systems and system integration capabilities, can deliver decades of clean, renewable electricity throughout many regions in China. We will continue to actively promote the adoption of large-scale solar PV projects and solutions for reducing carbon emissions and solving problems associated with climate change.”
The 10MW solar system, which was approved by the Ningxia Autonomous Region Development and Reform Commission in June, 2009, is powered by more than 37,000 Suntech solar panels and is projected to displace approximately 20,000 tons of carbon dioxide emissions per year.
Under a strategic agreement announced in 2009, Suntech and CECIC plan to focus on the development of large scale on-grid solar projects, urban building integrated PV projects, rural off-grid solar projects, and wind-solar hybrid projects. For such projects, CECIC will primarily be responsible for project investment and solar project development and Suntech will supply solar products, system design, installation and technical support.
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world’s leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods. Suntech also offers one of the broadest ranges of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com.
About China Energy Conservation Investment Co. Ltd. (CECIC)
CECIC is a wholly state-owned enterprise and the largest Chinese energy company dedicated to environmental protection. Its primary focuses are energy conservation, emissions reduction, waste treatment, environmental cleanup, and new energy technology. Its current operations have resulted in the recycling of 2 million tons of industrial waste, the reduction of 5 million tons of carbon dioxide, and the substitution of 1.6 million tons of coal per annum. CECIC-backed solar PV projects under contract and construction to date exceed 1.1GW of total installation capacity, making CECIC the largest solar PV project investor and operator in China.
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 Suntech’s ability to develop a 50MW solar plant in Shizuishan, Ningxia Province, China by 2011; Suntech’s grid parity in many locations over the next few years; and the ability of the project to displace approximately 20,000 tons of carbon dioxide emissions per year. 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.
