New Office to Accelerate Business Development in South Korea and Expand Customer Service Capabilities
SAN FRANCISCO, Calif., Feb. 13 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the opening of a sales office in South Korea to accelerate Suntech's business development and broaden local customer service capabilities.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: "The South Korean market for solar energy has quickly developed into one of the key drivers for solar demand in Asia and we are very pleased to have established a base there. In a short time frame, we have put together a strong team consisting of four people with over 15 years of combined experience in the PV industry. Our team will focus on building strong customer relationships and delivering exceptional pre and post sales service. This office is integral to Suntech's plan of developing and maintaining key customers in diverse markets with long term growth potential."
South Korea is one of the foremost supporters of the solar industry, with attractive feed-in-tariffs of more than US$0.70/kWh and an impressive target of 1.3GW installed PV capacity by 2011.
"The government's strong commitment to renewable energy has set a firm foundation for long-term, sustainable growth of the solar industry in South Korea and Suntech is determined to support this goal through the supply of high quality and reliable solar products. With our growing team in South Korea, we target to expand our sales five-fold from 2007 to 2008," continued Dr. Shi.
In November 2007, Suntech collaborated with Hyosung Corporation to complete the first stage of a 3MW solar energy system for WEPCO (Korea Western Power Co., Ltd.). WEPCO is a subsidiary of KEPCO (Korea Electric Power Corporation), South Korea's largest power company.
"It is our hope that this new office will enable us to expand our collaborations with key partners such as WEPCO and Hyosung and further solidify our position as a leading supplier of PV modules in South Korea," added Dr. Shi.
The contact details for Suntech's new office in South Korea are:
Room 818-819, Hanshin Inter Velly 24 East Bldg,
707-34 Yeoksam dong, Gangnam-gu, South Korea 135-080
Tel: +82-2-2183-2822
Fax: +82-2-2183-2825
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK brand. Suntech has sales offices worldwide and is a market share leader in key global solar markets. 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 Suntech's expectation of the growth of the South Korean solar market and Suntech's ability to accelerate business development initiatives there. 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
