Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that it expects to develop approximately 20% of the 91MW of solar projects that were approved under China's Solar Rooftop Program
China’s Solar Rooftop Program, which was launched in March this year by the Ministry of Finance, is designed to increase the energy efficiency of buildings through the installation of building-attached and building- integrated PV solar systems. The first set of applications was submitted in April, and recently 111 solar projects totaling 91MW across China were approved to receive funds through the program. The system owners are expected to receive a 13-17RMB per watt rebate for all projects approved through the program. Suntech targets to develop approximately 20% of the successful applications and will also participate as the system owner or partial investor in some projects. Suntech has completed 4MW of its approved projects and plans to develop the remainder by mid-2010. Specific project agreements will be signed prior to implementation.
“Building energy use accounts for roughly 28% of total energy consumption in China and is a critical front in the drive to achieve higher energy efficiency and reduce carbon emissions,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “The Ministry of Finance Solar Building Program recognizes the huge opportunity to offset building energy consumption with integrated solar energy generation. We are very pleased to demonstrate the capability of this technology and we hope to see this valuable solar program expanded in 2010 and beyond.”
The Solar Rooftop Program places particular emphasis on technologically advanced, building-integrated solar systems. Suntech has one of the industry’s broadest portfolios of BIPV products and a highly experienced system design and integration team that can implement complex turnkey solar projects. Suntech’s new Green Energy Headquarters in Wuxi that incorporates a 1MW BIPV solar facade and rooftop system was designed and constructed by Suntech’s in- house team and is one of the projects approved to receive the rebate.
“Solar is an ideal solution to improve energy efficiency as it can be built into the skin of a building and serves the dual function of a building material and an energy generating system. We should view the countless rooftops across China as an underutilized resource that can easily support clean, distributed energy generation,” added Dr. Shi.
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 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 percentage of approved systems under the Solar Rooftop Program that are Suntech projects; the expected per watt rebate to be received by systems owners; the ability to develop the projects by mid-2010; Suntech’s ability to sign related project agreements; Suntech’s ability to successfully develop the solar projects approved by the Ministry of Finance; and Suntech’s ability to benefit from the Subsidy Program. 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:
Investor Relations Director
Suntech Power Holdings Co., Ltd.
In the United States:
Executive Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)