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Suntech Announces Groundbreaking of PV Cell Production Facility in Yangzhou, China

Posted on: Tuesday, 16 September 2008, 09:00 CDT

SAN FRANCISCO and WUXI, China, Sept. 16 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the groundbreaking of a new PV cell production facility in Yangzhou, Jiangsu province, China. Suntech intends to complete the facility with a PV cell production capacity of 300MW by the end of 2009. The new production site will facilitate Suntech's capacity expansion plans to reach 1.4GW by year end 2009 and 2GW by year end 2010.

Located in Yangzhou, the PV cell production facility is close to Suntech's strategic silicon supply partner, Shunda Holdings Co. Ltd., and within two hours drive of Suntech's Wuxi headquarters. Proximity to Shunda's world-class polysilicon plant will enable Suntech to realize production and operational synergies that are expected to accelerate Suntech's cost reduction initiatives and path to grid parity.

Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: "With Suntech's rapidly growing international reputation for quality and excellence in solar manufacturing, we are in a prime position to grow our customer base and market share. The Yangzhou facility will provide Suntech with room to meet our capacity expansion target of 2GW by year end 2010 and enable us to meet the world's burgeoning demand for solar energy."

In May 2008, Suntech announced a thirteen-year silicon wafer supply agreement with a subsidiary of Shunda Holdings Co. Ltd. Under the terms of the supply agreement, Shunda will supply Suntech specified annual volumes of silicon wafers with a total volume of approximately 7GW from 2008 to 2020.

Dr. Shi continued, "The co-location with Shunda's polysilicon plant and wafering facilities will enable a virtual integration of the solar value chain, from polysilicon to solar panel, supporting our move to providing cost effective solar solutions."

About Suntech

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 includes Shunda's ability to supply silicon wafers under the contract, Suntech's ability to expand capacity to 1.4GW by the end of 2009 and 2GW by the end of 2010, and Suntech's ability to ramp up the new Yangzhou plant to a capacity of 300MW by the end of 2009. 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 Director Tel: +86-21-6288-5574 Email: rory@suntech-power.com In the United States: Sanjay M. Hurry Vice President The Piacente Group, Inc. (Investor Relations Counsel, Suntech) Tel: +1-212-481-2050 Email: suntech@tpg-ir.com

Suntech Power Holdings Co., Ltd.

CONTACT: In China: Rory Macpherson, Investor Relations Director, +86-21-6288-5574, or rory@suntech-power.com; In the United States: Sanjay M. Hurry,Vice President of The Piacente Group, Inc. (Investor Relations Counsel,Suntech), +1-212-481-2050, or suntech@tpg-ir.com

Web site: http://www.suntech-power.com/

Source: PRNewswire

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