Suntech Power Holdings Co., Ltd. (NYSE:STP) , the world’s largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that Suntech has entered into a strategic agreement with China Energy Conservation Investment Corporation (CECIC) to develop solar projects over the next five years.
Through the partnership CECIC will primarily be responsible for project investment and solar project development and Suntech will supply solar products, system design and technical support. Suntech and CECIC plan to focus on the development of large scale on-grid projects, urban BIPV projects, rural off-grid projects, and wind-solar hybrid projects.
“CECIC is pleased to establish this strategic agreement with Suntech,” explained Mr. Xiaokang Wang, General Manager of CECIC. “Suntech has proven itself to be a global leader in technological innovation and product quality in the field of photovoltaics and is clearly dedicated to sustainability initiatives. This partnership represents an important step forward in our mission to fulfill the mandates set forth by the Chinese government to achieve environmental sustainability through renewable energy generation.”
Dr. Zhengrong Shi, Chairman and CEO of Suntech remarked, “We are pleased to cement our relationship with CECIC. CECIC’s extensive experience in project financing and project development combined with Suntech’s high efficiency solar solutions will provide a strong foundation for the development of solar projects in China. Solar energy will help to simultaneously curb greenhouse gas emissions while meeting energy demand in China.”
Projects developed through this collaboration may include solar projects previously announced by Suntech including those in Qinghai province; Shaanxi province; Shizuishan city, Ningxia province; Panzhihua city, Sichuan province; and Jiangsu province. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.
About China Energy Conservation Investment Co. Ltd. (CECIC)
CECIC is a wholly state-owned enterprise and the largest Chinese energy company dedicated to environmental protection. Its primary focuses are energy conservation, emissions reduction, waste treatment, environmental cleanup, and new energy technology. Its current operations have resulted in the recycling of 2 million tons of industrial waste, the reduction of 5 million tons of carbon dioxide, and the substitution of 1.6 million tons of coal per annum.
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’s patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods. Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM).
Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiary Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with Renewable Ventures, a Fotowatio company. 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 http://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 CECIC to successfully provide project investment and development; the ability of Suntech to successfully supply solar modules, system design and technical support. 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.