SAN FRANCISCO and WUXI, China, Sept. 16 /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 groundbreaking of
a new PV cell production facility in Yangzhou, Jiangsu province, China.
Suntech intends to complete the facility with a PV cell production capacity of
300MW by the end of 2009. The new production site will facilitate Suntech's
capacity expansion plans to reach 1.4GW by year end 2009 and 2GW by year end
Located in Yangzhou, the PV cell production facility is close to Suntech's
strategic silicon supply partner, Shunda Holdings Co. Ltd., and within two
hours drive of Suntech's Wuxi headquarters. Proximity to Shunda's world-class
polysilicon plant will enable Suntech to realize production and operational
synergies that are expected to accelerate Suntech's cost reduction initiatives
and path to grid parity.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: "With Suntech's
rapidly growing international reputation for quality and excellence in solar
manufacturing, we are in a prime position to grow our customer base and market
share. The Yangzhou facility will provide Suntech with room to meet our
capacity expansion target of 2GW by year end 2010 and enable us to meet the
world's burgeoning demand for solar energy."
In May 2008, Suntech announced a thirteen-year silicon wafer supply
agreement with a subsidiary of Shunda Holdings Co. Ltd. Under the terms of the
supply agreement, Shunda will supply Suntech specified annual volumes of
silicon wafers with a total volume of approximately 7GW from 2008 to 2020.
Dr. Shi continued, "The co-location with Shunda's polysilicon plant and
wafering facilities will enable a virtual integration of the solar value chain,
from polysilicon to solar panel, supporting our move to providing cost
effective solar solutions."
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 Shunda's ability to supply silicon wafers under the contract,
Suntech's ability to expand capacity to 1.4GW by the end of 2009 and 2GW by
the end of 2010, and Suntech's ability to ramp up the new Yangzhou plant to a
capacity of 300MW by the end of 2009. 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:
Investor Relations Director
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
SOURCE Suntech Power Holdings Co., Ltd.