Suntech and 3rd Rock Announce Strategic Alliance to Develop 7.2 MW of Solar Projects in the US
Posted on 2009-03-12
Deal Provides Suntech with Pipeline of Projects Focused on Schools, Churches and Other Tax-Exempt InstitutionsSAN FRANCISCO, March 12 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), and 3rd Rock Systems and Technologies, Inc., a solar project developer based in San Francisco, announced that they have established a strategic alliance in connection with the development of an initial 7.2 MW of solar systems in the United States.3rd Rock will act as project developer and leverage existing relationships to raise project financing. For projects developed under the alliance, Suntech will be both the preferred supplier of solar modules and provide engineering, procurement and construction services through its wholly owned subsidiary, Suntech Energy Solutions."This alliance creates an excellent opportunity to leverage 3rd Rock's expertise in monetizing a broad variety of tax credits, loans and other incentives, which are particularly appealing to schools and other non-profit organizations, with Suntech's engineering expertise and access to solar panels," said Steven Chan, Suntech's Chief Strategy Officer and President of Global Sales and Marketing. "Combined with our existing pipeline of traditional commercial and utility projects and our growing network of residential installers, this will enable us to directly serve the full breadth of solar customers in the US.""Suntech's proven track record of supplying premium-quality panels and implementing commercial-scale solar systems makes this a great match for 3rd Rock," said Vijay Israni, President of 3rd Rock. "Our complete solar solution presents a clear value proposition to prospective customers and we expect to rapidly gain traction with customers beyond our current pipeline."About 3rd Rock Systems & Technologies3rd Rock Systems & Technologies is a leading developer of renewable energy projects. The team draws on its extensive experience to help clients of all sizes, leverage the many available financial incentives for modern renewable energy systems, to hedge against the rising and volatile costs associated with more traditional forms of energy. They provide their expertise to both Investors and Contractors to finance, construct, monitor, maintain and operate renewable energy assets, as our nation transitions to newer, cleaner, greener sources of energy.