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Suntech Signs Long-term Supply Agreements for Up to 490MW in Europe

Posted on 2009-12-09
SCHAFFHAUSEN, Switzerland, Dec 09, 2009 /PRNewswire-Asia via COMTEX/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced it has signed three long-term supply agreements for up to 490MW of high performance solar modules to be delivered over the next three years. Three of Suntech's strategic long-term partners in Europe including a value-added reseller, an EPC (engineering, procurement and construction) company, and a project developer, signed the agreements to secure access to Suntech's market leading solar modules and to develop closer collaboration on market information, shipment planning, and new product roll-outs. "Customers choose to partner with Suntech because of our proven commitment to quality, reliability and performance, which is backed up by over 1.5GW of installations," said Jerry Stokes, Suntech's VP of Strategy and Business Development. "With the solar market expected to resume strong annual growth in 2010 and beyond, it is essential for both our partners and Suntech to gain a clearer understanding of future market drivers and project pipelines. This will enable us to align product specifications, performance and market demand with capacity expansion and to differentiate our products and the solutions offered by our partners." Under the terms of the agreements, 115MW is planned to be supplied in 2010, 155MW in 2011 and 220MW in 2012, with the option to increase volumes. Suntech anticipates concluding additional long-term supply agreements during the next few months reflecting a "flight to quality" solar companies that have bankable products, and the capability and credibility to support long-term growth. David Hogg, Head Suntech Europe, added, "Suntech is a continually innovating, technology driven company. One example of this is our recently launched HiPerforma module incorporating Pluto cell technology, which holds the world record conversion efficiency for a polycrystalline PV module. Advance knowledge of such new product roll-outs and enhancements will enable our partners to specify Suntech products early in the design process, leading to superior system performance and stronger financial returns. This is especially important for large-scale project development that may take over 12 months from initial design through permitting and construction."
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