Shunfeng to buy German developer SAG Solarstrom2014-09-01Shunfeng Photovoltaic, the owner of module maker Suntech, has purchased insolvent German project developer SAG Solarstrom for €65 million (US$85.4million).Shunfeng, through the German subsidiary of Suntech, will acquire all of Solarstrom’s assets. Th...
Suntech Collaborates with AEDB to Deliver Solar to Pakistan
Posted on 2009-10-15
BEIJING and WUXI, China, Oct. 15 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has entered into a memorandum of understanding (MOU) with Pakistan'sAlternative Energy Development Board (AEDB) to work towards the widespread use of solar energy technologies to meet the energy shortage in Pakistan.The objective of the MOU is to facilitate cooperation between Suntech and the public sector and private companies in Pakistan to help implement solar programs including the AEDB's Rural Electrification Program; the development of Solar Power Pumping Systems with the AEDB and the World Bank; and Solar Power Telecom Projects in collaboration with Pakistani telecom companies."We are proud to collaborate with the Alternative Energy Development Board to bring the latest in crystalline silicon solar technology to Pakistan," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This is a clear example of the promise of solar energy in meeting growing demands for electricity in the developing world in an environmentally friendly way. With rapid improvements in solar energy technology and operational efficiency, solar energy is establishing itself as a crucial, cost-competitive part of the global energy mix.""We are very pleased to be working with Suntech towards developing clean renewable energy in our country," said Mr. Masood Khan, Pakistan's Ambassador to China. "Pakistan is committed to using solar power as a way to solve Pakistan's energy shortage, and we are confident in Suntech's reputation as a global industry leader to bring reliable environmentally sustainable solutions to Pakistan's growing energy needs."The MOU sets forth the agreement in principle of the parties concerning the project and related activities. Final agreement between the parties is subject to the negotiation and execution of definitive agreements among the parties.About the Alternative Energy Development Board (AEDB)The Alternative Energy Development Board was created by the government of Pakistan in 2003. The board is comprised of twelve members and chaired by Mr. Raja Pervez Ashraf. The functions of the Board are to develop national strategy, policies and plans for utilization of alternative and renewable energy resources to achieve the targets approved by the Federal Government, to act as a forum for evaluating, monitoring and certification of alternative or renewable energy projects and products, to act as a coordinating agency for commercial application of alternative or renewable technology, and to facilitate power generation through alternative or renewable energy resources. For more information, please visit http://www.aedb.org .