WUXI, China, Oct. 23 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co.,
Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV)
cells and modules, recently announced that it has formed a new subsidiary,
Shenzhen Suntech Power (Stock) Co., Ltd (''Shenzhen Suntech''), to promote and
develop solar power grid integration projects.
''Shenzhen Suntech marks a milestone in our ongoing efforts to develop the
solar market in China,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
''The new company will provide us with additional promotional and technical
service capabilities in Southern China and allow us to take advantage of the
Shenzhen government's support of solar energy applications.''
Shenzhen Suntech, which is expected to begin operations by the end of 2006,
will promote solar power grid integration projects in Southern China through a
commercially funded business model. This initiative is yet another example of
Suntech's dedication to the development of the PV market in China via both its
existing systems integration business and network of distributors and partners.
In addition to solar power grid integration projects, Suntech continues to
make strides in off-grid and other key markets within China. Earlier this
year, Suntech was awarded an exclusive contract to supply a 130KW solar energy
system for Beijing's Bird's Nest Stadium, the main stadium of the 2008 Olympic
Games, and recently Suntech entered into three system integration projects in
China with total installed capacity of 2.2MW.
The establishment of Shenzhen Suntech also marks a continuation of the
company's physical expansion. Suntech recently announced plans to establish
manufacturing and R&D facilities concentrating on new thin film solar
technologies and value-added PV solutions in Shanghai. These facilities are
expected to begin generating revenue in 2008.
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by production output of solar cells and modules. 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 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. Among other things, Suntech's expectations with
respect to Shenzhen Suntech contains 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
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:
VP of Business Development
Suntech Power Holdings Co., Ltd.
Ogilvy Public Relations Worldwide
In the United States:
Senior Vice President
Ogilvy Public Relations Worldwide
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: Steven Chan of Suntech Power Holdings Ltd., +86-510-8531-8910,
or email@example.com; or Rory Macpherson, +86-10-8520-6553, or
firstname.lastname@example.org, or Thomas Smith, +1-212-880-5269,
email@example.com, both of Ogilvy Public Relations Worldwide, for STP
/Web Site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.
IN: CPR OIL UTI ENV
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