SAN FRANCISCO and WUXI, China, July 29 /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 a
two-year agreement with Enel.si, a subsidiary of Enel, Italy's largest power
company, to supply 30MW of PV modules in late 2008 and 2009.
"This agreement with Enel.si is in-line with our strategy to establish
mutually beneficial, long-term relationships with companies that are well
positioned to service the growing demand for solar energy," said Dr. Zhengrong
Shi, Suntech's Chairman and CEO. "Enel.si, which has a strong marketing and
sales network in Italy based on a franchise installer network, is an ideal
partner for Suntech and we look forward to building our relationship in the
"Suntech has an excellent reputation for delivering premium quality, high
power output solar modules and we are pleased to enter this partnership with
them," commented Riccardo Felicioli, Enel.si managing director. "Renewable
energy solutions will no doubt play an increasingly important role in the
total energy mix, and Enel.si is committed to supporting broader adoption of
Commenting on the growing demand for solar in Italy and the rest of the
world, Dr. Shi added, "With its substantial solar irradiation, relatively high
cost of grid electricity, and favorable solar subsidies, Italy is set to
embrace solar as part of its renewable energy portfolio. In addition, demand
from other key markets including Germany, Spain, France, South Korea, and the
U.S. is generating a strong pipeline for 2009. Our broad product portfolio,
extensive international sales network, and clear value proposition should
enable us to extend our market positions in these countries next year."
Enel.si is a 100% subsidiary of Enel and is active in photovoltaic, solar
thermal, miniwind energy and other products and services related to an
efficient use of power and gas. Enel.si has a strong marketing and sales
network in Italy based on a franchising installers network.
Enel is Italy's largest power company and Europe's second listed utility
by installed capacity. It produces and sells electricity and gas across
Europe, North and Latin America. Further to the acquisition of the Spanish
utility Endesa, Enel has now a presence in 21 countries with 75,500 MW of
generating capacity and serves more than 50 million power and gas customers.
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 BIPV products under the
MSK Solar Design Line(TM). 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 include Suntech's expectation of the growth of the Italian solar market,
Suntech's ability to deliver PV modules according to the agreement, Suntech's
pipeline for 2009, and Suntech's ability to extend its market positions in
Germany, Spain, France, South Korea, and the U.S. 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 more information, please contact:
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)