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Suntech Announces 5-Year Silicon Wafer Purchase Agreement

WUXI, China, Nov 15, 2006 /Xinhua-PRNewswire via COMTEX News Network/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has entered into an agreement with a China-based, US-owned leading manufacturer of silicon wafers to purchase silicon wafers over a 5-year period. The contract provides for increased volumes over the course of the term with an annual price review. Based on existing contract prices, the value of the silicon wafers to be supplied is approximately $475 million to $580 million.

''We believe that this agreement will further ensure Suntech's future supply of silicon at prices that are measurably below spot market prices. This will enable us to continue our delivery of solar products at the lowest possible cost per watt to a growing number of international markets,'' said Dr. Zhengrong Shi, Suntech's chairman and CEO.

Dr. Shi added, ''This long-term supply agreement again demonstrates Suntech's ability to procure large quantities of silicon at favorable prices in an environment of limited availability. We believe this will allow Suntech to continue its rapid production growth while smaller players are increasingly being left behind.''

The delivery of wafers under the contract is expected to begin in the first quarter of 2007.

About Suntech

Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity 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 majority-owned subsidiary, MSK Corporation is one of Japan's largest PV manufacturers and one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, Japan, China and the United States. For more information, please visit .

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 the silicon supply agreement highlighted above contain 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:

    In China:
     Steven Chan
     VP of Business Development
     Suntech Power Holdings Co., Ltd.
     Tel:    +86-510-8531-8910

     Rory Macpherson
     Senior Associate
     Ogilvy Public Relations Worldwide
     Tel:    +86-10-8520-6553

    In the United States:
     Thomas Smith
     Senior Vice President
     Ogilvy Public Relations Worldwide
     Tel:    +1-212-880-5269

SOURCE Suntech Power Holdings Co., Ltd.

In China - Steven Chan, VP of Business Development of Suntech Power Holdings Co.,
Ltd., +86-510-8531-8910, or; or Rory Macpherson, Senior
Associate, Ogilvy Public Relations Worldwide, +86-10-8520-6553, or, or in the United States - Thomas Smith, Senior Vice
President, +1-212-880-5269, or, both of Ogilvy Public
Relations Worldwide, for Suntech