WUXI, China and SAN FRANCISCO, Ca., March 21, 2011 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, announced it will develop a 10MW solar installation on the roof of the world that will generate decades of clean electricity for thousands of residents of the Tibetan Plateau.
Located in Chek Kang village in the Sangri County, Shannan Prefecture, Tibet, the solar power plant will be one of the highest on earth at around 4,000 meters above sea level. With target completion by the middle of the 2011, the facility will generate around 20,000MWh of renewable electricity per year to help facilitate sustainable economic development in Tibet.
Historically, the mountainous region has relied heavily on hydroelectric resources for much of its baseload power production. However, shifting weather patterns in recent years have caused more frequent droughts and reduced water volumes in hydroelectric reservoirs. These changes have led to peak power shortages that are an impediment to the region's continued economic growth. The new 10MW solar power plant will help to alleviate peak power shortages and serve as a strong complement to existing hydroelectric resources.
"With intense sunlight and cool temperatures, Tibet is extremely well-suited for the utilization of advanced photovoltaic technology," said Dr. Zhengrong Shi, Suntech's Founder, Chairman and CEO. "We're proud to invest in preserving the region's fragile ecosystem by providing an economically-viable and sustainable solution for electricity generation. From the desert sands of Arizona to the peaks of the Himalayas, anyone can look up and harness nature's cleanest and most abundant energy resource."
Suntech has been active in rural electrification projects in Tibet. Over the last few years, Suntech has donated more than fifty independent solar systems for schools, community centers, and houses throughout the region. In 2008, Suntech installed a solar system at Mt. Everest base camp to provide trekkers with clean and reliable access to power. In gratitude, a team of mountaineers carried a Suntech flag to the very peak of the world.
"As we approach grid parity, we're seeing a groundswell of appetite for multi-megawatt projects in Asia and emerging markets around the world. I'm confident that China will really turn some heads this year and perhaps even become a gigawatt market," said Dr. Zhengrong Shi. "In this exciting transitional period, we will continue to diversify our global footprint to drive solar industry growth everywhere under the sun."
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's largest producer of solar panels 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 eighty 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.
For more information about Suntech's people and products 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 the date of completion of the Shannan solar project, the distribution of electricity to local residents, the generation of electricity over decades to come, and the alleviation of peak power shortages. 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.
SOURCE Suntech Power Holdings Co., Ltd.