Wednesday, July 22, 2009

Suntech and China Huadian Sign Strategic Agreement to Develop 500MW of Solar Projects

Suntech Power Holdings Co., Ltd., the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that Suntech has recently entered into a strategic agreement with China Huadian New Energy Development Co., Ltd. (HNE) to develop a total of 500MW of utility-scale and commercial roof-top solar projects in China's sun rich western provinces, Jiangsu province and Shanghai over the next three years.

Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.

"We are pleased to build this relationship with Suntech to develop solar energy projects in China," said Mr. Zheng Fang, General Manager of HNE. "These solar systems will provide clean and renewable energy to countless Chinese households and businesses, particularly those in western regions, and facilitate sustainable development. We believe that solar energy will become an increasingly important means of satisfying China's growing demand for electricity."

Dr. Zhengrong Shi, Suntech's Chairman and CEO said, "China Huadian New Energy Development Company already has an impressive portfolio of renewable energy power plants and we are excited to collaborate with them to expand the adoption of solar energy in China. We are confident that solar energy will play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change."

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. All projects are subject to feasibility studies and government approvals.


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