Suntech Signs Strategic Agreements to Develop Multi-GW Solar Projects in China

2009-07-13 18:55 726

SAN FRANCISCO and WUXI, China, July 13 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has recently entered into a number of strategic agreements with each of Shaanxi provincial government, Shizuishan city government, Ningxia province, Qinghai provincial government and Panzhihua city government, Sichuan province to develop 300MW, 500MW, 500MW and 500MW of solar projects respectively. These projects, with an aggregate of 1.8GW, are expected to be developed in several stages.

The implementation of these projects is subject to the satisfaction of a number of conditions including obtaining related permits from the National Development and Reform Commission and other relevant government bodies; drafting project designs; and attracting the necessary investment and project financing to implement the projects. These provinces enjoy significant solar resources making them ideal locations to generate solar electricity.

Dr. Zhengrong Shi, Suntech's Chairman and CEO, said, "These strategic agreements demonstrate the commitment of governments of Shaanxi, Shizuishan, Qinghai and Panzhihua to adopt utility scale solar energy to power sustainable development. Plentiful solar resources combined with Suntech's premium quality solar systems can deliver decades of clean, renewable electricity throughout many regions in China. With ongoing investment in technology and innovation, Suntech is determined to continue to drive the cost to grid parity and encourage greater adoption of solar throughout China."

Suntech's system integration team is one of the most experienced and capable in China. They have completed a range of technically complex building integrated solar systems, including the 120kW Beijing Jingya Hotel curtain wall, an 800kW Light Thru system at the Wuxi Airport, and the 1MW building integrated PV (BIPV) facade at Suntech's new headquarters in Wuxi. Suntech's system integration team is in the process of implementing a 1.5MW rooftop project in Huaian city, Jiangsu province and a 3MW BIPV solar system for the Shanghai World Expo.

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 under the MSK Solar Design Line(TM).

Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiary 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 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 .

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 secure permits from the NDRC for the projects in Shaanxi province, Shizuishan city, Qinghai province and Panzhihua city; the ability to secure investment and project financing; the ability to implement the projects Shaanxi Province, Ningxia Province, Qinghai Province and Panzhihua City; and the ability to drive the cost to grid parity. 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 Suntech:

In China:

Rory Macpherson

Investor Relations Director

Suntech Power Holdings Co., Ltd.

Tel: +86-21-6288-5574


In the United States:

Sanjay M. Hurry

Vice President

The Piacente Group, Inc. (Investor Relations Counsel, Suntech)

Tel: +1-212-481-2050


Source: Suntech Power Holdings Co., Ltd.
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