North Coast Solar Stocks

November 8, 2009

Suntech and Huadian Partner on 10MW Solar Plant in Jiangsu Province

Filed under: STP — Tags: , , — Jason @ 5:30 am

5:30 am EST, Sunday November 8, 2009

WUXI, China, Nov. 8 /PRNewswire/ — Suntech Power Holdings Co., Ltd. (STP), the world’s leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced it will develop a 10MW solar power plant in Dongtai, Jiangsu Province in conjunction with its strategic partner Huadian New Energy Development Co., Ltd. (HNE). Suntech will supply high quality solar modules and design and manage the installation of the plant. Suntech holds a minority share of the project.

The Dongtai solar plant, which is targeted to be completed by the end of 2009, will be powered by more than 37,000 Suntech solar panels and is projected to displace approximately 15,000 tons of carbon dioxide emissions per year. The project is expected to be supported by the Jiangsu Province’s feed-in-tariff policy that provides 2.15RMB/kWh for ground-mount solar projects completed in 2009.

Suntech’s Chairman and CEO Dr. Zhengrong Shi stated, “We applaud the positive incentive policies and decisive steps taken in 2009 both at national and provincial levels to support solar energy development and establish a greener economy in our country. In particular, Jiangsu Province has shown great leadership with the introduction of their solar subsidy earlier this year. We are also pleased to see that other provinces are developing similar policies that will encourage greater investment in solar projects in China.”

Dr. Shi continued, “Suntech is firmly committed to paving the course for environmental protection and renewable energy development in China through close cooperation with our strategic partners such as Huadian. We plan to leverage our solid track record of solar innovation and market leadership in Europe, Japan and the US to accelerate solar energy education and market development here in China.”

Mr. Zheng Fang, General Manager of HNE said, “As one of the five major power utilities in China, Huadian attaches great importance to its economic, political and social responsibilities. While actively promoting energy conservation, carbon emission reduction, and the acceleration of structural improvements, Huadian will invest heavily in renewable energy solutions such as wind and solar power. We are pleased to collaborate with solar industry leader Suntech Power – through our collaboration we will not only create development opportunities for both corporations, but also develop China’s photovoltaic industry in order to make a positive contribution to resource conservation, the environment and society.”

The project will be the first to be initiated through Suntech’s strategic agreement with HNE announced in July 2009. Under the agreement, the two partners will develop utility-scale and commercial roof-top solar projects in China’s sun-rich western provinces, Jiangsu province and Shanghai.

About China Huadian Corporation

China Huadian Corporation, a wholly state-owned enterprise, is one of China’s largest power utilities. At the end of 2008, CHC had a total installed power generation capacity of 63,030MW and total assets valued as 295 billion RMB. In 2008, CHC had 83,038 employees and owned and operated power plants in 25 provinces and regions in China.

About China Huadian New Energy Development Co., Ltd. (HNE)

HNE was established on September 26, 2007 by China Huadian Corporation and four of its subsidiaries. HNE’s mission is to finance, construct, manage, and operate electric generation facilities in the fields of wind, hydroelectric, distributed energy, solar, nuclear, biomass, thermal, tidal, and other renewable energies. HNE is responsible for all of China Huadian Corporation’s Clean Development Mechanism and renewable energy projects.

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