SAN FRANCISCO and WUXI, China, July 10 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon
photovoltaic (PV) module manufacturer, today announced that it has satisfied
the conditions precedent to draw down the convertible loan facility with IFC,
a member of the World Bank Group, and has drawn down the full $50 million
amount of the facility. Under the terms of the loan facility, IFC has the
option to convert the loan to Suntech's American Depository Shares (ADS) at
any time prior to maturity at an initial conversion price of $18.00 per ADS.
Proceeds from the facility will be used to support Suntech's transition to the
high efficiency Pluto technology and debt financing requirements.
"We are pleased to cement our partnership with IFC to advance the adoption
of solar energy as an instrument for sustainable global change," said Dr.
Zhengrong Shi, Suntech's Chairman and CEO. "We view this loan agreement as a
strong endorsement of Suntech's business model and leadership role in
furthering the world's transition to renewable energy sources."
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic growth
in developing countries by supporting private sector development, mobilizing
private capital, and providing advisory and risk mitigation services to
businesses and governments. Our new investments totaled $16.2 billion in
fiscal 2008, a 34 percent increase over the previous year. For more
information, please visit http://www.ifc.org .
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.
Suntech designs and delivers commercial and utility scale solar power
systems through its wholly owned subsidiary 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 includes the use of proceeds of the IFC loan and the ability of Suntech to
set the benchmark for quality in the solar industry. 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:
Investor Relations Director
Suntech Power Holdings Co., Ltd.
In the United States:
Executive Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)