WUXI, China and NEW DELHI, India, Aug 03, 2010 /PRNewswire via COMTEX/ --
Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of
crystalline silicon solar panels, has signed agreements to supply Azure Power,
India's leading independent solar power producer, with several megawatts of
solar panels to develop utility-scale solar projects across several states in
The solar power plants will be owned, developed, and financed by Azure
Power and will feature thousands of Suntech's industry-leading 280W
polycrystalline solar panels. The first project is already under construction
and additional solar power plants will be developed in early 2011.
Announcing the partnership, Mr. Inderpreet Wadhwa, CEO, Azure Power said,
"Azure Power is excited to be working with Suntech, a world leader in solar PV
modules. We believe that Suntech has superior crystalline silicon solar
modules available in the market today and the know-how required for setting up
large, utility-scale solar projects. Azure Power will continue to work with
global leaders to deliver on our ambitious plans to reach grid parity with
solar energy generation."
The clean and quiet solar facilities will supply thousands of local
residents with reliable electricity for decades, especially during peak demand
hours, providing a sustainable alternative to carbon-based energy production.
According to the World Health Organization, air pollution is responsible for
more than 500,000 premature deaths in India each year, with emissions from
fossil fuels - such as sulfur dioxide - cited as the primary cause.
"With remarkable solar resources and robust economic growth, India has
enormous potential for the development of a strong solar industry," said James
Hu, Suntech's president for Asia Pacific, Middle East and Africa. "We are
excited about our partnership with Azure Power and working together to power
sustainable economic growth in India for decades to come."
About Azure Power
Azure Power is an independent solar power producer and the first private
sector company to implement a megawatt scale grid connected solar photovoltaic
power plant in India. Azure Power's team has decades of experience building
industry-leading companies, executing complex infrastructure projects, and
financing high-growth enterprises. Azure Power creates innovative solutions to
deliver solar energy to its utility, government, and commercial customers. By
providing solar energy as a service, Azure Power manages the entire project
process for customers, reducing the upfront and ongoing operational and
For more information on Azure Power please visit:
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces industry-leading
solar products for residential, commercial, industrial, and utility
applications. With regional headquarters in China, Switzerland, and the United
States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more
than 10,000,000 photovoltaic panels to thousands of customers in more than
eighty countries. Suntech's pioneering R&D creates customer-centric
innovations that are driving solar to grid parity against fossil fuels.
Suntech's mission is to provide everyone with reliable access to nature's
cleanest and most abundant energy source.
For more information about our people and products visit:
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statement,
and include the ability of the Suntech and Azure Power partnership to develop
future solar projects in India, the number of local residents the solar power
will supply, and the decades time period such power can be supplied. Such
statements involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking statements.
Further information regarding these and other risks is included in Suntech's
filings with the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F. Suntech does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or
otherwise, except as required under applicable law.
For more information, please contact:
For Azure Power:
Marketing & Communications
Suntech Power Holdings Co., Ltd.
Investor Relations Director
Suntech Power Holdings Co., Ltd.
SOURCE Suntech Power Holdings Co., Ltd.