Nov 9 2009
Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced it will develop a 10MW solar power plant in Dongtai, Jiangsu Province in conjunction with its strategic partner Huadian New Energy Development Co., Ltd. (HNE). Suntech will supply high quality solar modules and design and manage the installation of the plant. Suntech holds a minority share of the project.
The Dongtai solar plant, which is targeted to be completed by the end of 2009, will be powered by more than 37,000 Suntech solar panels and is projected to displace approximately 15,000 tons of carbon dioxide emissions per year. The project is expected to be supported by the Jiangsu Province's feed-in-tariff policy that provides 2.15RMB/kWh for ground-mount solar projects completed in 2009.
Suntech's Chairman and CEO Dr. Zhengrong Shi stated, "We applaud the positive incentive policies and decisive steps taken in 2009 both at national and provincial levels to support solar energy development and establish a greener economy in our country. In particular, Jiangsu Province has shown great leadership with the introduction of their solar subsidy earlier this year. We are also pleased to see that other provinces are developing similar policies that will encourage greater investment in solar projects in China."
Dr. Shi continued, "Suntech is firmly committed to paving the course for environmental protection and renewable energy development in China through close cooperation with our strategic partners such as Huadian. We plan to leverage our solid track record of solar innovation and market leadership in Europe, Japan and the US to accelerate solar energy education and market development here in China."
Mr. Zheng Fang, General Manager of HNE said, "As one of the five major power utilities in China, Huadian attaches great importance to its economic, political and social responsibilities. While actively promoting energy conservation, carbon emission reduction, and the acceleration of structural improvements, Huadian will invest heavily in renewable energy solutions such as wind and solar power. We are pleased to collaborate with solar industry leader Suntech Power - through our collaboration we will not only create development opportunities for both corporations, but also develop China's photovoltaic industry in order to make a positive contribution to resource conservation, the environment and society."
The project will be the first to be initiated through Suntech's strategic agreement with HNE announced in July 2009. Under the agreement, the two partners will develop utility-scale and commercial roof-top solar projects in China's sun-rich western provinces, Jiangsu province and Shanghai.