BEIJING and WUXI, China, July 22 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that Suntech has recently entered into a strategic agreement with China Huadian New Energy Development Co., Ltd. (HNE) to develop a total of 500MW of utility-scale and commercial roof-top solar projects in China's sun rich western provinces, Jiangsu province and Shanghai over the next three years.
Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.
"We are pleased to build this relationship with Suntech to develop solar energy projects in China," said Mr. Zheng Fang, General Manager of HNE. "These solar systems will provide clean and renewable energy to countless Chinese households and businesses, particularly those in western regions, and facilitate sustainable development. We believe that solar energy will become an increasingly important means of satisfying China's growing demand for electricity."
Dr. Zhengrong Shi, Suntech's Chairman and CEO said, "China Huadian New Energy Development Company already has an impressive portfolio of renewable energy power plants and we are excited to collaborate with them to expand the adoption of solar energy in China. We are confident that solar energy will play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change."
Projects developed through this collaboration may include solar projects previously announced by Suntech including those in Qinghai province; Shaanxi province; Shizuishan city, Ningxia province; Panzhihua city, Sichuan province; and Jiangsu province. All projects are subject to feasibility studies and government approvals.
About China Huadian New Energy Development Co., Ltd. (HNE)
HNE was established on September 26, 2007 by China Huadian Corporation and four of its subsidiaries. HNE's mission is to finance, construct, manage, and operate electric generation facilities in the fields of wind, hydroelectric, distributed energy, solar, nuclear, biomass, thermal, tidal, and other renewable energies. HNE is responsible for all of China Huadian Corporation's Clean Development Mechanism and renewable energy projects. http://www.chdne.com.cn/
About China Huadian Corporation (CHC)
China Huadian Corporation, a wholly state-owned enterprise, is one of China's largest power utilities. By the end of 2008, CHC had a total installed power generation capacity of 63,030MW and total assets valued as 295 billion RMB. In 2008, CHC had 83,038 employees and owned and operated power plants in 25 provinces and regions in China. http://www.chd.com.cn/
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 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 Suntech and HNE to develop 500MW of solar projects in China; the ability to enter into separate project specific agreements prior to the implementation of solar projects related to this agreement; the ability of HNE to successfully provide project investment and development; the ability of Suntech to successfully supply solar modules, system design and technical support; the ability of the solar projects to deliver renewable energy to countless Chinese households and businesses and facilitate sustainable development; the ability of solar energy to play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change. 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:
For 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:
Kristen McNally
Executive Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com