Release–Suntech Signs Long-term Supply Agreements for Up to 490MW in Europe
SCHAFFHAUSEN, Switzerland, Dec 09, 2009 — Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced it has signed three long-term supply agreements for up to 490MW of high performance solar modules to be delivered over the next three years. Three of Suntech’s strategic long-term partners in Europe including a value-added reseller, an EPC (engineering, procurement and construction) company, and a project developer, signed the agreements to secure access to Suntech’s market leading solar modules and to develop closer collaboration on market information, shipment planning, and new product roll-outs.
"Customers choose to partner with Suntech because of our proven commitment to quality, reliability and performance, which is backed up by over 1.5GW of installations," said Jerry Stokes, Suntech’s VP of Strategy and Business Development. "With the solar market expected to resume strong annual growth in 2010 and beyond, it is essential for both our partners and Suntech to gain a clearer understanding of future market drivers and project pipelines. This will enable us to align product specifications, performance and market demand with capacity expansion and to differentiate our products and the solutions offered by our partners."
Under the terms of the agreements, 115MW is planned to be supplied in 2010, 155MW in 2011 and 220MW in 2012, with the option to increase volumes. Suntech anticipates concluding additional long-term supply agreements during the next few months reflecting a "flight to quality" solar companies that have bankable products, and the capability and credibility to support long-term growth.
David Hogg, Head Suntech Europe, added, "Suntech is a continually innovating, technology driven company. One example of this is our recently launched HiPerforma module incorporating Pluto cell technology, which holds the world record conversion efficiency for a polycrystalline PV module. Advance knowledge of such new product roll-outs and enhancements will enable our partners to specify Suntech products early in the design process, leading to superior system performance and stronger financial returns. This is especially important for large-scale project development that may take over 12 months from initial design through permitting and construction."
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world’s leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including Suntech’s patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, the Reliathon(TM), the industry’s first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit https://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, and includes the ability of Suntech to supply up to 490MW to the customers within the next three years, the ability to align product specifications, performance and market demand with capacity expansion and to differentiate our products and the solutions offered by our partners, the ability of Suntech to sign additional long term supply agreements, and the ability of the solar market to resume strong annual growth in 2010 and beyond. 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:
For Suntech:
In Europe:
Frank Weber
Marketing Director Europe
Suntech Power Ltd.
Phone: +49-89-544599921
Email: frank.weber@suntech-power.com
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings Co., Ltd.
Phone: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Kristen McNally
Executive Vice President
The Piacente Group, Inc.
Phone: +1-212-481-2050
Email: suntech@tpg-ir.com