Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s largest producers of solar panels, has announced that it will supply approximately 100 megawatts (MW) of solar panels for two projects that are being developed, built and operated by a consortium led by Mainstream Renewable Power in South Africa. The projects, which are being developed at two separate sites in the Northern Cape of South Africa, will be designed and constructed by Siemens and will be operational by mid-2014.
David King, Suntech’s CEO, said, “We are excited to be partnering with Mainstream Renewable Power, one of the world’s leading developers of renewable energy projects, and Siemens, which is renowned for its engineering and implementation expertise. These landmark projects will showcase the ability of solar to provide clean and sustainable energy to South African communities.”
The projects will use Suntech’s V series modules, which are well-suited for utility-scale power plant installations. The solar systems are expected to generate 180 gigawatt-hours of electricity, enough to power approximately 15,000 households and displace approximately 180,000 tons of carbon emissions per year.
Eddie O’Connor, Chief Executive of Mainstream Renewable Power, said, “Suntech’s proven track record of powering utility-scale power plants, reliable technology and their global support network were central to our decision to partner with them. With quality components and engineering, we are confident these projects will demonstrate the capabilities of solar energy in South Africa and set the foundation for a sustainable future.”
O’Connor added, “I first visited Suntech’s manufacturing facility in Wuxi in early 2010 and the quality of technology focus and ability to maintain a high level power output throughout the project lifecycle were key considerations in our technology choice.”
“We are all proud to participate in the South African government’s first round of tenders and be awarded as suppliers for these two photovoltaic plants. The combination of Suntech’s technology and Siemens’ execution strength as well as our strong local team set-up will form a perfect partnership that will set the highest standard for our partner Mainstream Renewable Power Ltd. These projects are opening the door to one of the most interesting emerging renewable energy markets,” stated Ted Scheidegger, CEO of Siemens Solar & Hydro Division.
The 100MW solar plants are among the first projects to be granted licenses under South Africa’s first Renewable Energy Independent Power Producer Programme (REIPPP). The programme targets the installation of 1.45GW of photovoltaic solar plants by the end of 2014 and 8.2GW by 2030.
Dr. Zhengrong Shi, Suntech’s Founder and Executive Chairman, said, “With rapid cost declines over the past decade, solar is not only environmentally friendly, but also cost competitive with many other forms of energy generation. We are confident that South Africa’s clear renewable energy policy will provide a blueprint for other countries in the region. We enjoy a strong relationship with Dr. O’Connor and the team at Mainstream and these projects are a very important milestone in our relationship.”
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more than 25,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech’s pioneering R&D creates customer-centric innovations that are designed to drive solar to grid parity against fossil fuels. Suntech’s mission is to provide everyone with reliable access to nature’s cleanest and most abundant energy source.
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 the operational date of the projects, amount of electricity generated and the amount of CO2 or the number of households powered by the project. 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.
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