China's New Solar Subsidy Sets Foundation for Market Growth
SAN FRANCISCO, Calif. and WUXI, China, May 19 /PRNewswire-Asia/ -- Suntech
Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of
crystalline silicon photovoltaic (PV) modules, announced today that it will
build a 1.5MW solar system in HuaiAn City, Jiangsu Province, China in
collaboration with Jiangsu Guoxin Asset Management Group Ltd. (Jiangsu Guoxin
Group). The solar system, which is expected to be completed by October 2009,
will be the first one megawatt plus, grid connected solar system installed in
Jiangsu Province.
Suntech Energy Engineering, Suntech's China-based systems integration team,
will design and install the 1.5MW solar system on 19,000 square meters of the
rooftop of buildings housing a subsidiary of Jiangsu Guoxin Group in HuaiAn
City. The project is expected to be eligible to receive the recently announced
subsidy for roof-mounted solar systems.
Mr. Zujian Xu, Vice President of Jiangsu Guoxin Group and Chairman of
Jiangsu Renewable Energy Development Co., Ltd. commented at the
ground-breaking ceremony, "As a key investor in Jiangsu energy projects,
Jiangsu Guoxin Group has actively responded to the call from the central
government and strategic direction of the provincial governments to increase
deployment of renewable energy such as wind power and biomass power. To date
we have developed four biomass projects and one wind power project. This time
we're very pleased to collaborate with Suntech, a leading company in the solar
industry, to develop the first megawatt-sized rooftop solar project in Jiangsu
province. We believe that this collaboration will deliver an important
contribution to the solar industry in Jiangsu province.''
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said, ''We are very pleased
to collaborate with Jiangsu Guoxin Group to bring to fruition the largest
rooftop solar project in Jiangsu Province to date. Roof space on factories and
warehouses is an underutilized resource and ideal for roof-top solar systems.
We look forward to implementing many similar rooftop solar systems across
China.''
''China's new national solar subsidy should spark the growth of a strong
domestic solar market enabling the gradual shift to renewable energy and
sustainable development. With well over 1GW of Suntech solar products
delivered worldwide since inception, Suntech will bring global experience and
high quality solar systems to the China market,'' Dr. Shi added. ''We believe
that our systems integration team, which has over 100 people in major cities
across the country, has the strongest capability to deliver turnkey solar
systems in China and we already have a large pipeline of projects pending
approval to receive the subsidy.''
Suntech's system integration team is one of the most experienced and
capable in China. They have completed a range of technically complex building
integrated solar systems, including the 120kW Beijing Jingya Hotel curtain
wall, an 800kW Light Thru system at the Wuxi Airport, and the 1MW building
integrated PV (BIPV) facade at Suntech's new headquarters in Wuxi. Suntech's
system integration team is in the process of implementing a 3MW BIPV solar
system for the Shanghai World Expo.
About Jiangsu Guoxin Asset Management Group Ltd.
Founded in August 2001, Jiangsu Guoxin Asset Management Group Limited
(Jiangsu Guoxin Group) is a wholly state-owned company established by the
Jiangsu Provincial government. Jiangsu Guoxin Group's main operations include
the investment, operation and management of power projects. In recent years,
Jiangsu Guoxin Group has invested in renewable energy projects including
bio-energy, wind energy, and solar energy projects.
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar
energy company as measured by production output of crystalline silicon 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 production methods.
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 Renewable
Ventures, a Fotowatio company. With regional headquarters in China,
Switzerland and San Francisco 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 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 include the potential to develop a strong solar market in China, and the
ability of Suntech's integration team to implement turnkey solar systems. 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 further information please contact:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings, Co. Ltd.
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the U.S.:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
