SAN FRANCISCO, CA, OCT 2, 2008 – Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of photovoltaic (PV) modules, and MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, LLC (OTC:MMAB.PK), today announced the creation of Gemini Solar Development Company (Gemini Solar), a joint venture to develop and finance photovoltaic projects 10 megawatts and larger. MMA Renewable Ventures, Suntech, and their third-party finance partners will co-own and operate the projects built by Gemini Solar. With quality photovoltaic product and solar financing expertise in place, Gemini Solar will provide an end-to-end solution to address the growing demand for large-scale solar power projects as the U.S. increases its efforts towards energy independence. Kristina Peterson, Suntech’s Director of Structured Finance, will serve as Gemini’s President.
"Utility and other large-scale, distributed solar power systems are emerging as one of the fastest growing segments of the solar industry. Gemini Solar combines the key strengths of two highly experienced organizations," said MMA Renewable Ventures CEO Matt Cheney. "MMA Renewable Ventures brings structured finance expertise and an unparalleled track record in developing and delivering quality renewable energy projects in the U.S., including the nation’s largest photovoltaic project to date, the 14 megawatt Nellis Air Force Base project in Nevada. We are pleased to be working with Suntech, an international innovator in solar which brings high quality manufacturing, large-scale module supply, advanced solar solutions and global presence to the joint venture. Together, we will enable investors to finance low risk, reliable solar power projects, while helping utilities, industry and government secure reliable, renewable energy right away."
"Suntech views the long-term prospects for the U.S. solar market as excellent and growing," said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. "Combining our ability to execute with MMA Renewable Venture's proven success in financing and developing large-scale solar projects will enable us to bring high quality utility-scale solar projects online rapidly, economically and efficiently. The collaboration of Suntech and MMA Renewable Ventures will bring great value to investors and others associated with the projects. Suntech is pleased to give increased confidence to energy customers through our intention to take long-term ownership stakes in projects pursued by the joint venture.""Gemini Solar combines the forces of two of the most experienced renewable energy companies in the world. 'Gemini' refers to the fact that the two firms share the same vision about how the U.S. solar market will develop and grow," said Kristina Peterson, President of Gemini Solar. "Working together, the joint venture will develop large-scale solar energy installations to help address the critical need for renewable power generation to represent a greater portion of our national energy portfolio."
For more information on Gemini Solar Development Company, please visit:
About MMA Renewable Ventures
A subsidiary of Municipal Mortgage & Equity, LLC "MuniMae," (OTC:MMAB.PK), MMA Renewable Ventures develops, finances, owns and operates renewable energy and energy efficiency projects in the United States. The Company provides Power Purchase Agreements (PPAs) and other customized financial solutions to help its customers manage energy costs. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy and energy savings to customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the clean energy sector. For more information about MMA Renewable Ventures, visit www.mmarenewableventures.com.
Suntech Power Holdings Co., Ltd. is the world’s leading solar energy company as measured by both production output and capacity of solar 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 building integrated PV products under the MSK Solar Design LineTM and intends to offer thin film products in 2009. 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 the joint venture to develop, finance and construct PV projects, the ability of Suntech and MMA to form Funds to co-own and operate PV projects and attract investors, and the growth of the renewable energy market in the United States. 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.
Jeff Shubert (U.S.)
Director, Global Marketing Strategy
Rory Macpherson (China)
Investor Relations Director
Sanjay M. Hurry (U.S.)
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
For MMA Renewable Ventures:
Stri Zulch (U.S.)
Vice President, Marketing