SAN FRANCISCO, Calif., Nov. 14 /Xinhua-PRNewswire/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of
photovoltaic (PV) cells and modules, today announced it has signed two
agreements with a major Korean conglomerate to purchase silicon wafers. The
first agreement provides for the supply of silicon wafers over a one and a
half year period beginning in January 2008 at a fixed price on a take or pay
basis. The second agreement provides for the supply of predetermined volumes
of silicon wafers over a seven-year period beginning in 2009, with a fixed
price reduction curve on a take or pay basis. Additionally, the agreement sets
forth purchase options of Suntech's world-class PV modules for power plant
projects initiated by the Korean firm world-wide.
Suntech's Chairman and CEO Dr. Zhengrong Shi stated, "We are delighted to
establish this relationship for the supply of high quality silicon wafers. The
first agreement helps us to meet the significant surplus demand for Suntech's
high performance products in a silicon constrained environment. The second
agreement provides a reliable source of silicon at prices well below market
rates and is a welcome addition to our growing silicon supply portfolio."
Dr. Shi continued, "We look forward to expanding our silicon supply
relationship with this new partner and anticipate supplying Suntech's world-
class PV modules for their power plant projects in the near future."
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
and includes comments about the strength of Suntech's silicon supply portfolio
and pipeline. 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.
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: In China - Rory Macpherson, Investor Relations Manager of
Suntech Power Holdings Co., Ltd., +86-510-8531-8922, or firstname.lastname@example.org;
or In the United States - Sanjay M. Hurry, Vice President of The Piacente
Group, Inc., +1-212-481-2050, or email@example.com, for Suntech Power
Holdings Co., Ltd. /
/Web Site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.
IN: CPR OIL UTI
SU: ASI CON
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0480 11/14/2007 08:00 EST http://www.prnewswire.com