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Suntech Establishes Shenzhen Subsidiary to Promote and Develop Solar Power Grid Integration Projects

Posted on: Monday, 23 October 2006, 09:01 CDT

WUXI, China, Oct. 23 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, recently announced that it has formed a new subsidiary, Shenzhen Suntech Power (Stock) Co., Ltd (''Shenzhen Suntech''), to promote and develop solar power grid integration projects.

''Shenzhen Suntech marks a milestone in our ongoing efforts to develop the solar market in China,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO. ''The new company will provide us with additional promotional and technical service capabilities in Southern China and allow us to take advantage of the Shenzhen government's support of solar energy applications.''

Shenzhen Suntech, which is expected to begin operations by the end of 2006, will promote solar power grid integration projects in Southern China through a commercially funded business model. This initiative is yet another example of Suntech's dedication to the development of the PV market in China via both its existing systems integration business and network of distributors and partners.

In addition to solar power grid integration projects, Suntech continues to make strides in off-grid and other key markets within China. Earlier this year, Suntech was awarded an exclusive contract to supply a 130KW solar energy system for Beijing's Bird's Nest Stadium, the main stadium of the 2008 Olympic Games, and recently Suntech entered into three system integration projects in China with total installed capacity of 2.2MW.

The establishment of Shenzhen Suntech also marks a continuation of the company's physical expansion. Suntech recently announced plans to establish manufacturing and R&D facilities concentrating on new thin film solar technologies and value-added PV solutions in Shanghai. These facilities are expected to begin generating revenue in 2008.

About Suntech

Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by production output of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's customers are located in various markets worldwide, including Germany, Spain, China and the United States. 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. Among other things, Suntech's expectations with respect to Shenzhen Suntech contains forward-looking statements. 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: Steven Chan VP of Business Development Suntech Power Holdings Co., Ltd. Tel: +86-510-8531-8910 Email: ir@suntech-power.com Rory Macpherson Senior Associate Ogilvy Public Relations Worldwide Tel: +86-10-8520-6553 Email: rory.macpherson@ogilvy.com In the United States: Thomas Smith Senior Vice President Ogilvy Public Relations Worldwide Tel: +1-212-880-5269 Email: thomas.smith@ogilvypr.com

Suntech Power Holdings Co., Ltd.

CONTACT: Steven Chan of Suntech Power Holdings Ltd., +86-510-8531-8910,or ir@suntech-power.com; or Rory Macpherson, +86-10-8520-6553, orrory.macpherson@ogilvy.com, or Thomas Smith, +1-212-880-5269,thomas.smith@ogilvypr.com, both of Ogilvy Public Relations Worldwide, for STP

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

Source: PRNewswire

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