New Office to Accelerate Business Development in South Korea and Expand
Customer Service Capabilities
SAN FRANCISCO, Calif., Feb. 13 /Xinhua-PRNewswire/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP) one of the world's leading manufacturers of
photovoltaic (PV) cells and modules, today announced the opening of a sales
office in South Korea to accelerate Suntech's business development and broaden
local customer service capabilities.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: "The South Korean
market for solar energy has quickly developed into one of the key drivers for
solar demand in Asia and we are very pleased to have established a base there.
In a short time frame, we have put together a strong team consisting of four
people with over 15 years of combined experience in the PV industry. Our team
will focus on building strong customer relationships and delivering
exceptional pre and post sales service. This office is integral to Suntech's
plan of developing and maintaining key customers in diverse markets with long
term growth potential."
South Korea is one of the foremost supporters of the solar industry, with
attractive feed-in-tariffs of more than US$0.70/kWh and an impressive target
of 1.3GW installed PV capacity by 2011.
"The government's strong commitment to renewable energy has set a firm
foundation for long-term, sustainable growth of the solar industry in South
Korea and Suntech is determined to support this goal through the supply of
high quality and reliable solar products. With our growing team in South
Korea, we target to expand our sales five-fold from 2007 to 2008," continued
In November 2007, Suntech collaborated with Hyosung Corporation to
complete 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.
"It is our hope that this new office will enable us to expand our
collaborations with key partners such as WEPCO and Hyosung and further
solidify our position as a leading supplier of PV modules in South Korea,"
added Dr. Shi.
The contact details for Suntech's new office in South Korea are:
Room 818-819, Hanshin Inter Velly 24 East Bldg,
707-34 Yeoksam dong, Gangnam-gu, South Korea 135-080
Suntech Power Holdings Co., Ltd. is a world leading solar energy company
as measured by both production output and capacity of solar cells and modules.
Suntech is passionate about improving the environment we live in and dedicated
to developing advanced solar solutions that enable sustainable development.
Suntech designs, develops, manufactures, and markets a variety of high quality,
cost effective and environmentally friendly solar products for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech offers one of the broadest ranges of building integrated
photovoltaic (BIPV) products under the MSK brand. Suntech has sales offices
worldwide and is a market share leader in key global solar markets. 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 Suntech's expectation of the growth of the South Korean solar
market and Suntech's ability to accelerate business development initiatives
there. 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 email@example.com;
or in the United States, Sanjay M. Hurry, Vice President of The Piacente Group,
Inc., +1-212-481-2050, or firstname.lastname@example.org, for STP /
/Web Site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.
ST: China, South Korea
IN: OIL CPR UTI
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4443 02/13/2008 08:00 EST http://www.prnewswire.com