Deal Provides Suntech with Pipeline of Projects Focused on Schools, Churches
and Other Tax-Exempt Institutions
SAN FRANCISCO, March 12 /PRNewswire-Asia/ -- Suntech Power Holdings Co.,
Ltd. (NYSE: STP), and 3rd Rock Systems and Technologies, Inc., a solar project
developer based in San Francisco, announced that they have established a
strategic alliance in connection with the development of an initial 7.2 MW of
solar systems in the United States.
3rd Rock will act as project developer and leverage existing relationships
to raise project financing. For projects developed under the alliance, Suntech
will be both the preferred supplier of solar modules and provide engineering,
procurement and construction services through its wholly owned subsidiary,
Suntech Energy Solutions.
"This alliance creates an excellent opportunity to leverage 3rd Rock's
expertise in monetizing a broad variety of tax credits, loans and other
incentives, which are particularly appealing to schools and other
non-profit organizations, with Suntech's engineering expertise and access to
solar panels," said Steven Chan, Suntech's Chief Strategy Officer and
President of Global Sales and Marketing. "Combined with our existing pipeline
of traditional commercial and utility projects and our growing network of
residential installers, this will enable us to directly serve the full breadth
of solar customers in the US."
"Suntech's proven track record of supplying premium-quality panels and
implementing commercial-scale solar systems makes this a great match for 3rd
Rock," said Vijay Israni, President of 3rd Rock. "Our complete solar solution
presents a clear value proposition to prospective customers and we expect to
rapidly gain traction with customers beyond our current pipeline."
About 3rd Rock Systems & Technologies
3rd Rock Systems & Technologies is a leading developer of renewable energy
projects. The team draws on its extensive experience to help clients of all
sizes, leverage the many available financial incentives for modern renewable
energy systems, to hedge against the rising and volatile costs associated with
more traditional forms of energy. They provide their expertise to both
Investors and Contractors to finance, construct, monitor, maintain and operate
renewable energy assets, as our nation transitions to newer, cleaner, greener
sources of energy.
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar
energy company as measured by production output of solar modules. Suntech
designs, develops, manufactures, and markets premium-quality, high-output,
cost-effective and environmentally friendly solar products for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech's patent-pending Pluto technology for crystalline silicon
solar cells improves power output by up to 12% compared to conventional
Suntech also offers one of the broadest ranges of building-integrated
solar products under the MSK Solar Design Line(TM). Suntech designs and
delivers commercial and utility scale solar power systems through its wholly
owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and
will own and operate projects greater than 10 megawatts in the United States
through Gemini Solar Development Company, a joint venture with MMA Renewable
Ventures. With regional headquarters in China, Switzerland and the United
States and sales offices worldwide, Suntech is passionate about improving the
environment we live in and dedicated to developing advanced solar solutions
that enable sustainable development. 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 includes the ability to co-develop 7MW+ of solar projects in the U.S.; the
ability to obtain project financing; and the ability to gain traction with
prospective customers. 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
Suntech Power Holdings, Co. Ltd.
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc.
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: In China: Rory Macpherson, Investor Relations Director of
Suntech Power Holdings, Co. Ltd., +86-21-6288-5574, email@example.com; or
In the United States: Sanjay M. Hurry, Vice President of The Piacente Group,
Inc., +1-212-481-2050, firstname.lastname@example.org/
/Web site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.
IN: OIL ENV
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9902 03/12/2009 08:00 EDT http://www.prnewswire.com