Suntech Announces Multi-year Solar Modules Supply Contract with a SunEdison Company
source: http://www.prnewswire.com/
WUXI, China and OLNEY, Md., Nov. 30 /Xinhua-PRNewswire/
Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, has announced a multi-year contract to supply solar modules to a division of Sun Edison, LLC, North America’s largest solar energy service provider. The total value of the contract ranges from approximately $50 million to $90 million over the term of the contract. The contract is structured in a similar manner as Suntech’s long-term silicon supply agreement in order to enhance steady operating results.
The United States has become one of the fastest growing markets for photovoltaic products due to recent initiatives by a number of states to promote the use of renewable energy sources. The California Solar Initiative, which aims to increase the amount of installed solar capacity on rooftops in the state by 3,000MW by 2017, is one of the most progressive. It is anticipated that the solar modules shipped under this contract will be used primarily in the California market. ”We are extremely pleased to partner with SunEdison, the largest solar energy services provider in North America,” said Mr. Roger Efird, President of Suntech America. ”SunEdison has a proven track record as a major consumer of PV products within the United States and we aim to grow
together.”
”We are committed to being a long term player in the PV market in the United States and are excited with this new partnership with SunEdison. This new relationship with SunEdison presents a strong step forward in our penetration of the rapidly growing U.S. solar market and our ongoing strategy to diversify our sales geographies,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. ”We are looking forward to working with SunEdison to help bring clean and increasingly affordable solar energy to a growing number of American homes and businesses.” ”This multi-year supply contract with us solidifies Suntech America as a permanent fixture in the United States offering high quality, UL-certified PV solar products. SunEdison only works with proven vendors for delivery of our solar power plants in North America. This contract means that we have the utmost confidence in Suntech product performance and
quality,” said Mr. Brian Jacolick, vice president of sales of SunEdison, In August 2006, Suntech established Suntech America, a wholly-owned subsidiary with the goal of expanding market share in the U.S.
About Suntech and Suntech America
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech’s majority-owned subsidiary, MSK Corporation is one of Japan’s largest PV manufacturers and one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech’s customers are located in various markets worldwide, including key markets throughout Europe, Japan, China and the United States. For more information, please visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly owned subsidiary of Suntech Power Holdings Co., Ltd. Established in August 2006 as a Delaware corporation, Suntech America is dedicated to promoting a greener America through the use of Suntech’s clean solar modules and cells.