SAN FRANCISCO and WUXI, China, May 29 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. ("Suntech" or the "Company") (NYSE: STP), the world's largest manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that its follow-on public offering of 23,000,000 American Depositary Shares ("ADSs"), each representing one ordinary share of the Company, was closed on May 28, 2009. The aggregate amount of ADSs sold reflects the exercise in full by the underwriters of their option to purchase up to 3,000,000 additional ADSs to cover over-allotments. The Company received aggregate net proceeds of approximately $277 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 photovoltaic (PV) 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 under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with Renewable Ventures, a Fotowatio company. With regional headquarters in China, Switzerland and the United States 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 contact:
At Suntech:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings, Co. Ltd.
Tel: +86-21-6288-5574
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