Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading manufacturer of photovoltaic (PV) cells and modules, has signed a seven-year polysilicon supply agreement with DC Chemical Co. Ltd. (KRX: 010060), a multinational chemicals producer headquartered in Seoul, South Korea.
Under the terms of the agreement, DC Chemical will supply Suntech polysilicon with a total value of approximately $750 million from 2010 to 2016.
The agreement follows Suntech’s March 2008 announcement of an eight-year polysilicon supply agreement with DC Chemical, which provided for the delivery of polysilicon to Suntech with a total value of approximately $631 million from 2009 to 2016.
Dr. Zhengrong Shi, Suntech’s Chairman and Chief Executive Officer, stated, ”We are pleased to expand our existing relationship with DC Chemical, a key upstream partner and an emerging market leader. Contracts such as these are key to securing long-term polysilicon supply at prices that are compatible with grid parity and are indicative of our belief that solar energy will become a cost effective alternative to fossil fuels.”
About DC Chemical
DC Chemical Co., Ltd. is a 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, 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 is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and 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 BIPV products under the MSK Solar Design Line(TM). Suntech has sales offices worldwide and is a market share leader in key global solar markets.
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