Suntech Supplies Solar Modules to 3MW Project for Leading South Korean Power Company
San Francisco, CA, Nov. 9 , 2007
Source: CNN Money. com
http://money.cnn.com/news/newsfeeds/articles/prnewswire/CNF03209112007-1.htm
Suntech Power Holdings Co., Ltd. , one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, today announced the completion of the first stage of a 3MW solar energy system for WEPCO (Korea Western Power Co., Ltd.). WEPCO is a subsidiary of KEPCO (Korea Electric Power Corporation), South Korea’s largest power company.
The opening ceremony for the initial 2MW installation of WEPCO’s new solar energy system was celebrated in Samryangjin, South Korea on November 6, 2007. Power and Industrial Systems Performance Group of Hyosung Corporation, a leading energy solution provider in South Korea, designed, managed and installed the solar energy system. Suntech will deliver a further 1MW of PV modules to be installed in the second phase of the project in early 2008.
Suntech’s Chairman and CEO Dr. Zhengrong Shi stated, “As a subsidiary of South Korea’s largest power supplier, WEPCO has an exceptional capacity to influence the growth of the domestic PV industry and we are delighted to collaborate with WEPCO on the development of this initial solar project. With strong demand for green energy, we look forward to building our relationship with WEPCO and supporting their efforts to broaden the application and use of solar energy in South Korea.”
WEPCO commended the performance of Suntech’s PV modules and the accelerated delivery schedule to meet tight project deadlines. A WEPCO spokesperson said, “We believe it is important to support the advent of clean and renewable energy resources such as solar, and WEPCO will continue to develop PV projects in South Korea. In fact, we currently plan to develop up to 5MW of new solar projects next year.”
Dr. Shi added: “Hyosung’s capable system design, construction and management of the solar project ensured the smooth and successful completion of the first phase. Hyosung’s engineering expertise is invaluable to the development of the solar industry in South Korea, and we hope to expand our partnership with them to further projects.”
South Korea offers among the strongest solar incentive programs worldwide with a feed-in-tariff of more than US$0.70/kWh over a 15 year period for installations above 30kW. South Korea has set impressive targets for PV installations with a goal of 1.3GW of installed capacity by 2011. This growth plan will rank South Korea among the world’s leading countries for PV installations.
“South Korea’s progressive solar incentives set a very positive example for nations both in Asia and worldwide. Within a very short period, Suntech has rapidly established itself as a leading supplier of PV modules in South Korea with sales this year growing over seven-fold from 2006. We believe that these solar incentives set a strong foundation for enormous growth in Suntech’s sales within South Korea,” added Dr. Shi.