Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading manufacturers of photovoltaic (PV) cells and modules, has formed a new subsidiary, Shenzhen Suntech Power Co., Ltd to promote and develop solar power grid integration projects. “Shenzhen Suntech marks a milestone in our efforts to develop the solar market in China,” sayes 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.
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.
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