China's New Solar Subsidy Sets Foundation for Market Growth
SAN FRANCISCO, Calif. and WUXI, China, May 19 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s largest manufacturer of crystalline silicon photovoltaic (PV) modules, announced today that it will build a 1.5MW solar system in HuaiAn City, Jiangsu Province, China in collaboration with Jiangsu Guoxin Asset Management Group Ltd. (Jiangsu Guoxin Group). The solar system, which is expected to be completed by October 2009, will be the first one megawatt plus, grid connected solar system installed in Jiangsu Province.
Suntech Energy Engineering, Suntech’s China-based systems integration team, will design and install the 1.5MW solar system on 19,000 square meters of the rooftop of buildings housing a subsidiary of Jiangsu Guoxin Group in HuaiAn City. The project is expected to be eligible to receive the recently announced subsidy for roof-mounted solar systems.
Mr. Zujian Xu, Vice President of Jiangsu Guoxin Group and Chairman of Jiangsu Renewable Energy Development Co., Ltd. commented at the
ground-breaking ceremony, “As a key investor in Jiangsu energy projects, Jiangsu Guoxin Group has actively responded to the call from the central government and strategic direction of the provincial governments to increase deployment of renewable energy such as wind power and biomass power. To date we have developed four biomass projects and one wind power project. This time we’re very pleased to collaborate with Suntech, a leading company in the solar industry, to develop the first megawatt-sized rooftop solar project in Jiangsu province. We believe that this collaboration will deliver an important contribution to the solar industry in Jiangsu province.”
Dr. Zhengrong Shi, Suntech’s Chairman and CEO, said, “We are very pleased to collaborate with Jiangsu Guoxin Group to bring to fruition the largest rooftop solar project in Jiangsu Province to date. Roof space on factories and warehouses is an underutilized resource and ideal for roof-top solar systems. We look forward to implementing many similar rooftop solar systems across China.”
“China’s new national solar subsidy should spark the growth of a strong domestic solar market enabling the gradual shift to renewable energy and sustainable development. With well over 1GW of Suntech solar products delivered worldwide since inception, Suntech will bring global experience and high quality solar systems to the China market,” Dr. Shi added. “We believe that our systems integration team, which has over 100 people in major cities across the country, has the strongest capability to deliver turnkey solar systems in China and we already have a large pipeline of projects pending approval to receive the subsidy.”
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 3MW BIPV solar system for the Shanghai World Expo.
About Jiangsu Guoxin Asset Management Group Ltd.
Founded in August 2001, Jiangsu Guoxin Asset Management Group Limited (Jiangsu Guoxin Group) is a wholly state-owned company established by the Jiangsu Provincial government. Jiangsu Guoxin Group’s main operations include the investment, operation and management of power projects. In recent years, Jiangsu Guoxin Group has invested in renewable energy projects including
bio-energy, wind energy, and solar energy projects.
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 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 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 .
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 include the potential to develop a strong solar market in China, and the ability of Suntech’s integration team to implement turnkey solar systems. 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 further information please contact:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings, Co. Ltd.
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the U.S.:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
