Agreement Strengthens Both Companies' Ability to Respond to President Obama's Call to 'Harness the Sun'
SAN FRANCISCO and GAITHERSBURG, Md., Jan. 27 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of photovoltaic (PV) modules, and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developer and installer during 2009.
"Partnering with Suntech, a top-tier manufacturer offering a broad assortment of high-quality solar panels, better equips Standard Solar to fulfill its rapidly growing customer requirements from New Jersey and Pennsylvania to North Carolina and Virginia," said Scott Wiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with Standard Solar in supplying cleaner, cost-effective solutions to businesses, government agencies and homeowners. In addition to reducing the dependence on highly polluting fossil fuels, we believe that the solar industry can also help to generate new domestic, green jobs," said Roger Efird, President, Suntech America, Inc.
In his address after taking the oath of office and becoming the nation's 44th President, Barack Obama called for Americans to "harness the sun... to meet the demands of a new age."
"This agreement," said Standard Solar President and Chief Executive Officer Anthony Clifford, "strengthens our ability to respond to this challenge. We cannot agree more with our new President when he added from the West front of the U.S. Capitol: "All this we can do. And all this we will do."
Standard Solar looks forward to deploying Suntech's high-quality panels in solar solutions that deliver cost-effective power. Recently, Standard Solar helped Kelly & Sons Electrical Construction source its electricity supply through a power purchase agreement with Washington Gas Energy Services. Find more information about this power purchase agreement at http://www.standardsolar.com/News-and-Events/Press-Releases.aspx .
Suntech recently achieved 1 gigawatt of global solar panel production capacity. In doing so, it completed an 18,000 square meter, 1 megawatt solar facade -- the world's largest to date -- at its new world headquarters in Wuxi, China. You can find a photo of this precedent-setting application on Suntech's website at http://www.suntech-power.com , under Press: Press Assets.
About Standard Solar
Standard Solar is a full-service, turnkey solar system developer and integrator specializing in residential and commercial solar power installations in Maryland and the surrounding states. With hundreds of installations to date, Standard Solar is well-positioned to meet the growing demand for clean technologies and renewable sources of energy. The company has added more than 50 green collar jobs in the past year. For more information, please visit: http://www.StandardSolar.com .
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of 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 MMA Renewable Ventures. With regional headquarters in China, Switzerland and the United States 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 Suntech's ability to supply 5MW of solar panels. 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:
Suntech Power Holdings, Co. Ltd.:
Rory Macpherson, Investor Relations Director
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
The Piacente Group, Inc. (Investor Relations Counsel, Suntech):
Sanjay M. Hurry, Vice President
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
Standard Solar, Inc.:
Jim Pierobon, Vice President & Chief Marketing Officer
Tel: +1-301-944-5133
Email: jim.pierobon@standardsolar.com
