BEIJING and WUXI, China, July 24 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon
photovoltaic (PV) module manufacturer, announced today that Suntech has
entered into a strategic agreement with China Energy Conservation Investment
Corporation (CECIC) to develop solar projects over the next five years.
Through the partnership CECIC will primarily be responsible for project
investment and solar project development and Suntech will supply solar
products, system design and technical support. Suntech and CECIC plan to focus
on the development of large scale on-grid projects, urban BIPV projects, rural
off-grid projects, and wind-solar hybrid projects.
"CECIC is pleased to establish this strategic agreement with Suntech,"
explained Mr. Xiaokang Wang, General Manager of CECIC. "Suntech has proven
itself to be a global leader in technological innovation and product quality
in the field of photovoltaics and is clearly dedicated to sustainability
initiatives. This partnership represents an important step forward in our
mission to fulfill the mandates set forth by the Chinese government to achieve
environmental sustainability through renewable energy generation."
Dr. Zhengrong Shi, Chairman and CEO of Suntech remarked, "We are pleased
to cement our relationship with CECIC. CECIC's extensive experience in project
financing and project development combined with Suntech's high efficiency
solar solutions will provide a strong foundation for the development of solar
projects in China. Solar energy will help to simultaneously curb greenhouse
gas emissions while meeting energy demand in China."
Projects developed through this collaboration may include solar projects
previously announced by Suntech including those in Qinghai province; Shaanxi
province; Shizuishan city, Ningxia province; Panzhihua city, Sichuan province;
and Jiangsu province. Separate project-specific agreements will be signed
prior to the implementation of solar projects related to this agreement.
About China Energy Conservation Investment Co. Ltd. (CECIC)
CECIC is a wholly state-owned enterprise and the largest Chinese energy
company dedicated to environmental protection. Its primary focuses are energy
conservation, emissions reduction, waste treatment, environmental cleanup, and
new energy technology. Its current operations have resulted in the recycling
of 2 million tons of industrial waste, the reduction of 5 million tons of
carbon dioxide, and the substitution of 1.6 million tons of coal per annum.
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
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 ability of CECIC to successfully provide project investment
and development; the ability of Suntech to successfully supply solar modules,
system design and technical support. 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.
Investor Relations Director
Suntech Power Holdings Co., Ltd.
In the United States:
Executive Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: In China: Rory Macpherson, Investor Relations Director, Suntech
Power Holdings Co., Ltd. at +86-21-6288-5574 or firstname.lastname@example.org; In the
United States: Kristen McNally, Executive Vice President, The Piacente Group,
Inc. (Investor Relations Counsel, Suntech) at +1-212-481-2050 or
/Web site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.; China Energy Conservation Investment
Co. Ltd. (CECIC)
IN: OIL ENV UTI GRE
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9700 07/24/2009 08:00 EDT http://www.prnewswire.com