SAN FRANCISCO and WUXI, China, Sept. 2 /Xinhua-PRNewswire/ -- Suntech
Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers
of photovoltaic (PV) cells and modules, today announced that it has signed a
definitive seven-year polysilicon supply agreement with DC Chemical Co. Ltd.,
a leading multinational chemicals producer headquartered in Seoul, South Korea.
Under the terms of the agreement, DC Chemical will supply Suntech specified
annual volumes of polysilicon with a total value of approximately $750 million
from 2010 to 2016.
The agreement follows Suntech's March 2008 announcement of an eight-year
polysilicon supply agreement with DC Chemical, which provided for the delivery
of polysilicon to Suntech with a total value of approximately $631 million
from 2009 to 2016.
Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer, stated,
''We are pleased to expand our existing relationship with DC Chemical, a key
upstream partner and an emerging market leader. Contracts such as these are
key to securing long-term polysilicon supply at prices that are compatible
with grid parity and are indicative of our belief that solar energy will
become a cost effective alternative to fossil fuels.''
About DC Chemical
DC Chemical Co., Ltd. (KRX: 010060) is a leading Korean producer of coal
chemicals, basic chemicals, petrochemicals and fine and specialty chemicals
and has more than 50 subsidiaries and affiliated companies. The Company has
been listed on the Korea Exchange since 1976. For more information on DC
Chemical, please visit the DC Chemical website at http://www.dcchem.co.kr .
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 the ability of DC Chemical to deliver polysilicon supply under
its supply agreement, Suntech's ability to achieve grid parity and the ability
of solar energy to become a cost effective alternative to fossil fuels. 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:
Investor Relations Director
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)