NEW DELHI and WUXI, China, May 3, 2011 /PRNewswire-Asia/ -- SunBorne Energy, a leading specialist in utility scale solar solutions, and Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, have entered into a framework agreement for the supply of 100MW of solar panels over the next two years for projects in India.
Suntech will supply 280Wp polycrystalline silicon modules for projects that will be designed, installed and commissioned by SunBorne Energy. The agreement includes an initial order for 10MW of solar panels for a project in Gujarat, India. Through this partnership, SunBorne will deploy proven, world-class solar technology and build local solar expertise to deliver affordable solar power throughout the country.
"We chose Suntech because of their clear technology leadership and long-term commitment to India. We are proud to support the Gujarat government in their endeavour to bring clean power to India and attain energy security. This partnership reiterates our action plan of providing cost-effective utility scale solar solutions and targeting grid parity by 2017," said James Abraham, Managing Director & CEO, SunBorne Energy.
"We're excited to partner with SunBorne Energy to drive solar industry growth in India," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Currently, one in three people in India lack reliable access to electricity, and the rapid deployment of solar energy has the potential to help close this gap. This project will provide thousands of people in India with clean and affordable power."
The solar industry in India has been growing rapidly, backed by government support at both the federal and state level. India has a target to reach a cumulative installation of 2GW of off-grid and 20GW of on-grid PV installations by 2022 to help meet the country's burgeoning energy demands.
Solar technology is particularly well suited to address booming energy consumption across India, as total primary energy demand is expected to increase by 3.1% annually from 2008 to 2035, according to the IEA's 2010 World Energy Outlook. The country's average annual solar insolation is one of the best in the world reaching 2000 sun hours per year in some locations. Solar technology also helps to address peak power shortages, which can be particularly severe during summer months. The power production of solar panels roughly coincides with peak demand hours, as electricity is consumed during daylight for commercial and industrial activities.
About SunBorne Energy:
SunBorne Energy is a leading specialist in Utility Scale Solutions (50MW+) in the solar power sector. SunBorne will deploy proven technologies and indigenize the entire value chain to drive affordable solar power. Its scope of functions includes localizing capabilities in design, manufacturing, engineering, construction, distribution and operations. SunBorne is developing Utility Scale Solution Plants in Gujarat, Rajasthan and Andhra Pradesh with other States in the pipeline. It aims to deploy 20 percent of the Solar Mission target in the next decade. SunBorne will make solar power an attractive investment option creating sustainable, clean and green energy. SunBorne has been established by internationally recognized experts in solar thermal power generation. Our investors include large Private Equity firms, like General Catalyst and Khosla Ventures. The company is headquartered in Gurgaon (Haryana).
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces industry-leading 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 15,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving 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 includes Suntech's ability to ship the 10MW in the initial order, the execution of the 100MW framework agreement, delivery dates, current and future shipments and expectations of growth of the Indian solar market, and increase in the energy demand in India. 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 further information, please contact:
Suntech Power Holdings Co., Ltd.
Communications Manager, APMEA
SOURCE Suntech Power Holdings Co., Ltd.