Siemens Energy, a division of Siemens (NYSE: SI) has signed an agreement with Suntech Power (NYSE: STP), the world’s largest manufacturer of photovoltaic (PV) modules, to supply solar projects in Europe.
Siemens has orders for 80 MW of PV plants in six countries. Siemens handles the turnkey construction of the plants using in-house components such as inverters and transformers and contracts with sources that produce the panels.
Suntech will supply the solar panels.
"With Suntech, we have a bankable partner to provide reliable photovoltaic plants to our customers," said Martin Schulz, Vice President Photovoltaics, Siemens Renewable Energy Division.
According to Siemens, fiscal 2010 revenue from its Environmental Portfolio was EUR 28 billion across all green product categories. They say their products and solutions enabled customers to reduce carbon emissions by 270 million tons, an amount equal to the total annual CO2 emissions of the megacities Hong Kong, London, New York, Tokyo, Delhi and Singapore.
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