WUXI, China and OLNEY, Md., Nov. 30 /Xinhua-PRNewswire/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of
photovoltaic (PV) cells and modules, has announced a multi-year contract to
supply solar modules to a division of Sun Edison, LLC, North America's largest
solar energy service provider.
The total value of the contract ranges from approximately $50 million to
$90 million over the term of the contract. The contract is structured in a
similar manner as Suntech's long-term silicon supply agreement in order to
enhance steady operating results.
The United States has become one of the fastest growing markets for
photovoltaic products due to recent initiatives by a number of states to
promote the use of renewable energy sources. The California Solar Initiative,
which aims to increase the amount of installed solar capacity on rooftops in
the state by 3,000MW by 2017, is one of the most progressive. It is
anticipated that the solar modules shipped under this contract will be used
primarily in the California market.
''We are extremely pleased to partner with SunEdison, the largest solar
energy services provider in North America,'' said Mr. Roger Efird, President
of Suntech America. ''SunEdison has a proven track record as a major consumer
of PV products within the United States and we aim to grow together.''
''We are committed to being a long term player in the PV market in the
United States and are excited with this new partnership with SunEdison. This
new relationship with SunEdison presents a strong step forward in our
penetration of the rapidly growing U.S. solar market and our ongoing strategy
to diversify our sales geographies,'' said Dr. Zhengrong Shi, Suntech's
Chairman and CEO. ''We are looking forward to working with SunEdison to help
bring clean and increasingly affordable solar energy to a growing number of
American homes and businesses.''
''This multi-year supply contract with us solidifies Suntech America as a
permanent fixture in the United States offering high quality, UL-certified PV
solar products. SunEdison only works with proven vendors for delivery of our
solar power plants in North America. This contract means that we have the
utmost confidence in Suntech product performance and quality,'' said Mr. Brian
Jacolick, vice president of sales of SunEdison.
In August 2006, Suntech established Suntech America, a wholly-owned
subsidiary with the goal of expanding market share in the U.S.
About Suntech and Suntech America
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
Suntech America, Inc. is a wholly owned subsidiary of Suntech Power
Holdings Co., Ltd. Established in August 2006 as a Delaware corporation,
Suntech America is dedicated to promoting a greener America through the use of
Suntech's clean solar modules and cells.
SunEdison LLC is North America's largest solar energy services provider.
The company simplifies solar for utilities, government agencies and commercial
enterprises. SunEdison is based in Baltimore, MD. For more information,
please visit http://www.sunedison.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 their
agreement with a SunEdison company 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:
VP of Business Development
Suntech Power Holdings Co., Ltd.
Ogilvy Public Relations Worldwide
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: Steven Chan, VP of Business Development of Suntech Power
Holdings Co., Ltd., +86-510-8531-8910, or firstname.lastname@example.org; or Rory
Macpherson, Senior Associate of Ogilvy Public Relations Worldwide, +86-10-
8520-6553, or email@example.com, for STP /
/Web Site: http://www.sunedison.com
CO: Suntech Power Holdings Co., Ltd.; Sun Edison, LLC
ST: China, Maryland
IN: OIL UTI
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8955 11/30/2006 08:00 EST http://www.prnewswire.com