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Azure Power and Suntech Drive Solar Industry in India

Posted on 2010-08-03
WUXI, China and NEW DELHI, India, Aug 03, 2010 /PRNewswire via COMTEX/ --Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of crystalline silicon solar panels, has signed agreements to supply Azure Power, India's leading independent solar power producer, with several megawatts of solar panels to develop utility-scale solar projects across several states in India.

 

The solar power plants will be owned, developed, and financed by Azure Power and will feature thousands of Suntech's industry-leading 280W polycrystalline solar panels. The first project is already under construction and additional solar power plants will be developed in early 2011. Announcing the partnership, Mr. Inderpreet Wadhwa, CEO, Azure Power said, "Azure Power is excited to be working with Suntech, a world leader in solar PV modules. We believe that Suntech has superior crystalline silicon solar modules available in the market today and the know-how required for setting up large, utility-scale solar projects. Azure Power will continue to work with global leaders to deliver on our ambitious plans to reach grid parity with solar energy generation." The clean and quiet solar facilities will supply thousands of local residents with reliable electricity for decades, especially during peak demand hours, providing a sustainable alternative to carbon-based energy production. According to the World Health Organization, air pollution is responsible for more than 500,000 premature deaths in India each year, with emissions from fossil fuels - such as sulfur dioxide - cited as the primary cause. "With remarkable solar resources and robust economic growth, India has enormous potential for the development of a strong solar industry," said James Hu, Suntech's president for Asia Pacific, Middle East and Africa. "We are excited about our partnership with Azure Power and working together to power sustainable economic growth in India for decades to come." About Azure Power Azure Power is an independent solar power producer and the first private sector company to implement a megawatt scale grid connected solar photovoltaic power plant in India. Azure Power's team has decades of experience building industry-leading companies, executing complex infrastructure projects, and financing high-growth enterprises. Azure Power creates innovative solutions to deliver solar energy to its utility, government, and commercial customers. By providing solar energy as a service, Azure Power manages the entire project process for customers, reducing the upfront and ongoing operational and management costs. For more information on Azure Power please visit: http://www.azurepower.com
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