Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, announced it will acquire a minority interest in polysilicon producer Nitol Solar Ltd. for up to $100 million.
According to a release, Nitol Solar has supply contracts with an aggregate value of $1.5 billion through 2015, including a multi-year first phase supply agreement with Suntech signed in August 2007.
Nitol Solar is in the process of building a plant in Siberia, Russian with a target production capacity of 3,700 metric tons of polysilicon. The Suntech investment will enable Nitol Solar to continue development of the plant, which is expected to be completed in 2009.
About Nitol
Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar’s current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells.
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech designs, develops, manufactures, and markets a variety of solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK brand.
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