Opens Office in Shanghai City Centre to Access Shanghai PV Market
WUXI, China, Aug. 21 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co.,
Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic
(PV) cells, recently announced that it will establish manufacturing and R&D
facilities in Caohejing Hi-tech Park, Shanghai. The facilities are expected to
begin operations in early 2008.
"Our new facilities in Caohejing Hi-tech Park will provide us with another
site to expand our production capacity, and develop new solar technologies and
value-added PV solutions," said Dr. Shi Suntech's Chairman and CEO. "We
believe that the proximity to central Shanghai will also help us to continue
to attract highly qualified staff."
The Company anticipates that the manufacturing and R&D facilities will
cost approximately $60 million to develop.
Suntech also recently opened a sales office in Shanghai as part of a
strategy to develop sales in the domestic PV market.
"With Shanghai's recent initiative to install PV systems on 100,000
rooftops and a growing trend towards alternative energy solutions, we are
confident that Shanghai will become an important PV market in China," added
Dr. Shi.
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by production output of solar cells in 2005. Suntech
provides solar solutions for a green future. Suntech designs, develops,
manufactures, and markets a variety of high quality, cost effective and
environmentally friendly PV cells and modules for electric power applications
in the residential, commercial, industrial, and public utility sectors.
Suntech's customers are located in various markets worldwide, including
Germany, Spain, China and the United States. For more information, please
visit http://www.suntech-power.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of 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. Among
others, statements regarding Suntech's beliefs and expectations about the
potential of the Shanghai PV market, and expected benefits of the
establishment of the manufacturing and R&D facilities in the Caohejing Hi-tech
Park are forward looking statements. 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 annual report on Form 20-F filed with
the U.S. Securities and Exchange Commission. Suntech does not undertake any
obligation to update any forward-looking statement, except as required under
applicable law.
SOURCE Suntech Power Holdings Co., Ltd.
-0- 08/21/2006
/CONTACT: In China: Cindy Shao, Suntech Power Holdings Ltd.,
+86-510-8534-5000, ir@suntech-power.com; or Philip Lisio, Ogilvy Public
Relations Worldwide, +86-10-8520-6550, Mobile: +86-1350-1166-560,
philip.lisio@ogilvy.com; or In the United States: Thomas Smith, Ogilvy Public
Relations Worldwide, +1-212-880-5269, thomas.smith@ogilvypr.com /
/Web site: http://www.suntech-power.com /
(STP)
CO: Suntech Power Holdings Co., Ltd.
ST: China
IN: OIL
SU: ASI
CM
-- LNM003 --
3481 08/21/2006 10:03 EDT http://www.prnewswire.com
