July 29, 2008
Suntech Signs 30MW Supply Agreement With Enel.Si
SAN FRANCISCO and WUXI, China, July 29 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced it has signed a two-year agreement with Enel.si, a subsidiary of Enel, Italy's largest power company, to supply 30MW of PV modules in late 2008 and 2009.
"This agreement with Enel.si is in-line with our strategy to establish mutually beneficial, long-term relationships with companies that are well positioned to service the growing demand for solar energy," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Enel.si, which has a strong marketing and sales network in Italy based on a franchise installer network, is an ideal partner for Suntech and we look forward to building our relationship in the future.""Suntech has an excellent reputation for delivering premium quality, high power output solar modules and we are pleased to enter this partnership with them," commented Riccardo Felicioli, Enel.si managing director. "Renewable energy solutions will no doubt play an increasingly important role in the total energy mix, and Enel.si is committed to supporting broader adoption of these technologies."
Commenting on the growing demand for solar in Italy and the rest of the world, Dr. Shi added, "With its substantial solar irradiation, relatively high cost of grid electricity, and favorable solar subsidies, Italy is set to embrace solar as part of its renewable energy portfolio. In addition, demand from other key markets including Germany, Spain, France, South Korea, and the U.S. is generating a strong pipeline for 2009. Our broad product portfolio, extensive international sales network, and clear value proposition should enable us to extend our market positions in these countries next year."
Enel.si is a 100% subsidiary of Enel and is active in photovoltaic, solar thermal, miniwind energy and other products and services related to an efficient use of power and gas. Enel.si has a strong marketing and sales network in Italy based on a franchising installers network.
Enel is Italy's largest power company and Europe's second listed utility by installed capacity. It produces and sells electricity and gas across Europe, North and Latin America. Further to the acquisition of the Spanish utility Endesa, Enel has now a presence in 21 countries with 75,500 MW of generating capacity and serves more than 50 million power and gas customers.
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of BIPV products under the MSK Solar Design Line(TM). Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com/ .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will,""expects,""anticipates,""future,""intends,""plans,""believes,""estimates" and similar statements, and include Suntech's expectation of the growth of the Italian solar market, Suntech's ability to deliver PV modules according to the agreement, Suntech's pipeline for 2009, and Suntech's ability to extend its market positions in Germany, Spain, France, South Korea, and the U.S. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact: In China: Rory Macpherson Investor Relations Tel: +86-510-8531-8922 Email: [email protected] In the United States: Sanjay M. Hurry Vice President The Piacente Group, Inc. (Investor Relations Counsel, Suntech) Tel: +1-212-481-2050 Email: [email protected]
Suntech Power Holdings Co., Ltd.
CONTACT: In China: Rory Macpherson of Investor Relations, +86-510-8531-8922, or [email protected]; In the United States: Sanjay M. Hurry, VicePresident of The Piacente Group, Inc. (Investor Relations Counsel, Suntech),+1-212-481-2050, or [email protected]
Web Site: http://www.suntech-power.com/