SAN FRANCISCO and WUXI, China, July 31 /Xinhua-PRNewswire/ -- Suntech
Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers
of photovoltaic (PV) cells and modules, and PV Crystalox Solar PLC
("Crystalox"), a specialist multicrystalline solar wafer manufacturer, today
announced they have signed an initial five-year silicon wafer supply agreement
with predetermined prices and volumes. Under the agreement, PV Crystalox Solar
will supply Suntech with a total of 260MW of silicon wafers from 2008 to 2013.
Headquartered in Oxfordshire, England, Crystalox is a highly specialized
wafer supplier to the world's leading solar cell manufacturers. The Group was
one of the first to develop multicrystalline technology on an industrial scale,
setting the industry standard for ingot production. Crystalox is currently
developing a 1,800MT solar grade polysilicon production facility in Germany.
"PV Crystalox Solar is well recognized for its expertise in the production
of silicon wafers, and we are very pleased to initiate this relationship.
Aside from silicon, many of Suntech's key equipment and materials originate in
Europe including PV cell and module manufacturing equipment, module backsheets
and adhesives. This global sourcing strategy is reflective of our complete
commitment to quality and supports our ability to deliver premium quality
solar products," said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
"With a strong demand outlook for 2009, the emergence of a number of high
potential solar markets in Europe, and growing sentiment supporting the need
for renewable energy, we are confident that the solar industry will sustain
long term growth. We will continue to develop and diversify our silicon
channels to ensure we have a stable base of raw material supply to support
this industry growth," added Dr. Shi.
PV Crystalox Solar Chief Executive Officer Iain Dorrity said: "We are
delighted to be working with Suntech. This new relationship with one of the
world's leading solar energy companies is an important step in securing
additional long-term supply agreements for PV Crystalox Solar in line with our
strategy for growth."
About PV Crystalox Solar PLC
PV Crystalox Solar, initially established in the UK in 1982, is a highly
specialised supplier to the world's leading solar cell manufacturers,
producing multicrystalline silicon ingots and wafers for use in solar
electricity generation systems. The Group was one of the first to develop
multicrystalline technology on an industrial scale, setting the industry
standard for ingot production. Crystalox is currently developing a 1,800MT
solar grade polysilicon production facility in Germany.
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
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 demand outlook for 2009, Suntech's expectation of the
long term growth of the solar industry, Crystalox's ability to deliver wafers
according to the agreement. 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 about Suntech, please contact:
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
For further information about Crystalox, please contact:
PV Crystalox Solar PLC
Iain Dorrity, Chief Executive Officer
Peter Finnegan, Chief Financial Officer
Gavin Anderson & Company