WUXI, China, Oct. 18 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co.,
Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV)
cells and modules, today announced an agreement with ReneSola Ltd (AIM: SOLA),
a leading manufacturer of wafers for the photovoltaic industry, to purchase
510MW of silicon wafers over a four-year period beginning in January 2008.
"We are very pleased to announce this expanded relationship with our long
time supplier ReneSola, a rapidly growing producer of high quality silicon
wafers," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This agreement
demonstrates Suntech's ability to continue to secure a high volume of silicon
despite the industry shortage."
Dr. Shi added, "These silicon wafers will supplement our already healthy
and diversified supply outlook for the next four years as well as enable us to
increase our production of high efficiency solar cells and achieve our market
expansion goals faster than we originally anticipated."
Mr. Xianshou Li, ReneSola's CEO, said: "We are excited to expand our long
term strategic relationship with Suntech, one of the global leaders in the
solar industry. We consider Suntech to be one of our long term cornerstone
customers and hope to grow together successfully as we focus on rapidly
expanding our capacity to deliver high quality wafers."
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by both production output and capacity of solar cells and
modules. Suntech provides solar solutions for a green future. Suntech designs,
develops, manufactures, and markets a variety of high quality, cost effective
and environmentally friendly PV cells and modules for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the
top-ranked companies in the building-integrated photovoltaics (BIPV) space.
Suntech's customers are located in various markets worldwide, including key
markets throughout Europe, North America, Japan and China. 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 total amount of wafers to be purchased by Suntech under the
agreement and Suntech's achievement of market expansion goals. Such statements
involve certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements, including but
not limited to the performance of the parties under the agreement. 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:
Investor Relations Manager
Suntech Power Holdings Co., Ltd.
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc.
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: In China: Rory Macpherson, Investor Relations Manager for
Suntech Power Holdings Co., Ltd., +86-510-8531-8922, or firstname.lastname@example.org;
In the United States: Sanjay M. Hurry, Vice President of The Piacente Group,
Inc., +1-212-481-2050, or email@example.com/
/Web site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.
IN: ENV OIL
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1122 10/18/2007 08:00 EDT http://www.prnewswire.com