SAN FRANCISCO and WUXI, China, Sept. 2 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has signed a definitive seven-year polysilicon supply agreement with DC Chemical Co. Ltd., a leading multinational chemicals producer headquartered in Seoul, South Korea. Under the terms of the agreement, DC Chemical will supply Suntech specified annual volumes of polysilicon with a total value of approximately $750 million from 2010 to 2016.
The agreement follows Suntech’s March 2008 announcement of an eight-year polysilicon supply agreement with DC Chemical, which provided for the delivery of polysilicon to Suntech with a total value of approximately $631 million from 2009 to 2016.
Dr. Zhengrong Shi, Suntech’s Chairman and Chief Executive Officer, stated, “We are pleased to expand our existing relationship with DC Chemical, a key upstream partner and an emerging market leader. Contracts such as these are key to securing long-term polysilicon supply at prices that are compatible with grid parity and are indicative of our belief that solar energy will become a cost effective alternative to fossil fuels.”
About DC Chemical
DC Chemical Co., Ltd. (KRX: 010060) is a leading Korean producer of coal chemicals, basic chemicals, petrochemicals and fine and specialty chemicals and has more than 50 subsidiaries and affiliated companies. The Company has been listed on the Korea Exchange since 1976. For more information on DC Chemical, please visit the DC Chemical website at http://www.dcchem.co.kr .
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 BIPV products under the MSK Solar Design Line(TM). 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 the ability of DC Chemical to deliver polysilicon supply under its supply agreement, Suntech’s ability to achieve grid parity and the ability of solar energy to become a cost effective alternative to fossil fuels. 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 about Suntech, please contact:
In China:
Rory Macpherson
Investor Relations Director
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
