North Coast Solar Stocks

July 13, 2009

Suntech Signs Strategic Agreements to Develop Multi-GW Solar Projects in China

Filed under: STP — Tags: , , — Jason @ 8:00 am

Monday July 13, 2009, 8:00 am EDT

SAN FRANCISCO and WUXI, China, July 13 /PRNewswire-Asia/ — Suntech Power Holdings Co., Ltd. (STP), the world’s largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has recently entered into a number of strategic agreements with each of Shaanxi provincial government, Shizuishan city government, Ningxia province, Qinghai provincial government and Panzhihua city government, Sichuan province to develop 300MW, 500MW, 500MW and 500MW of solar projects respectively. These projects, with an aggregate of 1.8GW, are expected to be developed in several stages.

The implementation of these projects is subject to the satisfaction of a number of conditions including obtaining related permits from the National Development and Reform Commission and other relevant government bodies; drafting project designs; and attracting the necessary investment and project financing to implement the projects. These provinces enjoy significant solar resources making them ideal locations to generate solar electricity.

Dr. Zhengrong Shi, Suntech’s Chairman and CEO, said, “These strategic agreements demonstrate the commitment of governments of Shaanxi, Shizuishan, Qinghai and Panzhihua to adopt utility scale solar energy to power sustainable development. Plentiful solar resources combined with Suntech’s premium quality solar systems can deliver decades of clean, renewable electricity throughout many regions in China. With ongoing investment in technology and innovation, Suntech is determined to continue to drive the cost to grid parity and encourage greater adoption of solar throughout China.”

Suntech’s system integration team is one of the most experienced and capable in China. They have completed a range of technically complex building integrated solar systems, including the 120kW Beijing Jingya Hotel curtain wall, an 800kW Light Thru system at the Wuxi Airport, and the 1MW building integrated PV (BIPV) facade at Suntech’s new headquarters in Wuxi. Suntech’s system integration team is in the process of implementing a 1.5MW rooftop project in Huaian city, Jiangsu province and a 3MW BIPV solar system for the Shanghai World Expo.

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