SAN FRANCISCO and WUXI, China, Aug 27, 2008 /Xinhua-PRNewswire via COMTEX News Network/ -- 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 new
supply agreements with GCL Silicon Technology Holdings Inc ("GCL Silicon").
Under the terms of the supply agreements, GCL Silicon will supply Suntech with
9,420 MT of polysilicon and 1.1 GW of silicon wafers from 2008 to 2012.
"These agreements with GCL Silicon will greatly strengthen our silicon
pipeline and support our capacity and production expansion over the next five
years," said Dr. Zhengrong Shi. "With steep declining cost curves, these
agreements are in line with our strategy to quickly reach grid parity and
extend our position as a leading global provider of solar products." With the
addition of these agreements, Suntech has now secured approximately 1GW of
silicon for 2009.
Hunter Jiang, President of GCL Silicon, said, "GCL Silicon is pleased to
become a polysilicon and wafer supplier to Suntech. We view Suntech as an
important strategic partner and a leading solar cell and module manufacturer.
We look forward to developing a close relationship with them and are committed
to expanding our polysilicon and wafer production capacity to meet the growing
demands of customers such as Suntech."
Suntech recently signed over 200MW of fixed price, fixed volume sales
contracts for 2009 and targets to finalize approximately 500MW of additional
sales contracts by the end of September 2008. Dr. Shi added, "The demand for
solar energy has continually exceeded expectations and we are confident that
this trend will continue as more and more people recognize the benefits of
this clean and renewable energy."
About GCL Silicon
GCL Silicon Technology Holdings Inc. (GCL Silicon) supplies polysilicon
and wafers to companies operating in the solar industry. The company
currently operates a polysilicon production facility in Xuzhou, Jiangsu
Province in China.
About Suntech
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 includes GCL Silicon Technology's ability to deliver polysilicon supply
under its supply agreements, Suntech's ability to achieve grid parity,
Suntech's ability to sign an additional 500MW of sales contracts before the
end of September 2008. 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 China:
Rory Macpherson
Investor Relations Director
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
