SAN FRANCISCO, Calif., Nov. 9 /Xinhua-PRNewswire-FirstCall/ -- Suntech
Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers
of photovoltaic (PV) cells and modules, today announced the completion of the
first stage of a 3MW solar energy system for WEPCO (Korea Western Power Co.,
Ltd.). WEPCO is a subsidiary of KEPCO (Korea Electric Power Corporation),
South Korea's largest power company.
The opening ceremony for the initial 2MW installation of WEPCO's new solar
energy system was celebrated in Samryangjin, South Korea on November 6, 2007.
Power and Industrial Systems Performance Group of Hyosung Corporation, a
leading energy solution provider in South Korea, designed, managed and
installed the solar energy system. Suntech will deliver a further 1MW of PV
modules to be installed in the second phase of the project in early 2008.
Suntech's Chairman and CEO Dr. Zhengrong Shi stated, "As a subsidiary of
South Korea's largest power supplier, WEPCO has an exceptional capacity to
influence the growth of the domestic PV industry and we are delighted to
collaborate with WEPCO on the development of this initial solar project. With
strong demand for green energy, we look forward to building our relationship
with WEPCO and supporting their efforts to broaden the application and use of
solar energy in South Korea."
WEPCO commended the performance of Suntech's PV modules and the
accelerated delivery schedule to meet tight project deadlines. A WEPCO
spokesperson said, "We believe it is important to support the advent of clean
and renewable energy resources such as solar, and WEPCO will continue to
develop PV projects in South Korea. In fact, we currently plan to develop up
to 5MW of new solar projects next year."
Dr. Shi added: "Hyosung's capable system design, construction and
management of the solar project ensured the smooth and successful completion
of the first phase. Hyosung's engineering expertise is invaluable to the
development of the solar industry in South Korea, and we hope to expand our
partnership with them to further projects."
South Korea offers among the strongest solar incentive programs worldwide
with a feed-in-tariff of more than US$0.70/kWh over a 15 year period for
installations above 30kW. South Korea has set impressive targets for PV
installations with a goal of 1.3GW of installed capacity by 2011. This growth
plan will rank South Korea among the world's leading countries for PV
"South Korea's progressive solar incentives set a very positive example
for nations both in Asia and worldwide. Within a very short period, Suntech
has rapidly established itself as a leading supplier of PV modules in South
Korea with sales this year growing over seven-fold from 2006. We believe that
these solar incentives set a strong foundation for enormous growth in
Suntech's sales within South Korea," added Dr. Shi.
Korea Western Power Co., Ltd.(WP) a leading supplier and innovator in the
21st century Korean power industry, started its power business in April 2001.
WP takes up approximately 13% of the national generating capacity mostly
comprised of thermal, combined cycle, and pumped storage power plants. WP was
initiated in separation from Korea Electric Power Corporation under the Korea
Power Industry Restructuring Act. WP is undergoing the deregulation and
privatization process. WP has about 1,600 employees and its head office is
located in Seoul, Korea. For more information, please visit
Hyosung Corporation, which has grown based on the establishment of
Tongyang Nylon, marking an epoch in the history of chemical fibers, has been
committed to expanding its business territory, including heavy industry,
construction and information & communications, while seeking the creation of a
new value. Power & Industrial Systems Performance Group of Hyosung is a
leading renewable energy solution provider such as solar, wind, hydrogen and
fuel cells. For more information, please visit http://www.hyosung.com .
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 expectations that Suntech will have enormous sales growth in
South Korea. 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
For more information, please contact:
Investor Relations Manager
Suntech Power Holdings Co., Ltd.
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc.