Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading manufacturer of photovoltaic (PV) cells and modules, announced that it has signed an eight-year polysilicon supply agreement with DC Chemical Co. Ltd., headquartered in Seoul, South Korea.
Under the agreement, DC Chemical will supply Suntech with polysilicon valued at approximately $631 million from 2009 to 2016.
Dr. Zhengrong Shi, Suntech’s Chairman and CEO, stated, "Partnering with DC Chemical for high quality polysilicon will help to expand Suntech’s relationship with companies in the South Korean solar industry as well as building our long-term supply pipeline and accelerating our path to grid parity solar."
Dr. Shi added, "The funds from our recent convertible senior notes offering have put us in a strong position to enter into large, long-term contracts such as this one with DC Chemical, which we believe will enable us to establish a strong foundation for a grid parity cost structure in the future."
About DC Chemical
DC Chemical Co., Ltd. (KRX: 010060) is a Korean producer of coal chemicals, basic chemicals, petrochemicals and fine and specialty chemicals and has more than 50 subsidiaries and affiliated companies. The Company has been listed on the Korea Exchange since 1976. For more information on DC Chemical, please visit the DC Chemical website at http://www.dcchem.co.kr .
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech designs, develops, manufactures, and markets environmentally friendly 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 product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets.
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