SAN FRANCISCO,, Aug. 24, 2011 /PRNewswire via COMTEX/ --
Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, today announced that it has been selected by SunPeak Solar, LLC, a California-based, privately-owned solar energy project developer, to supply 28.7MW (DC) of solar panels for a 23MW (AC) solar power plant in Niland, California.
SunPeak Solar's subsidiary Imperial Valley Solar Company (IVSC) 1, LLC will oversee the project's construction including the installation of about 100,000 units of Suntech's 285/290W Vd-Series modules with advanced SuperPoly silicon processing technology.
The SuperPoly technology produces high-quality silicon ingots and wafers using modified multicrystalline silicon casting equipment that improves module performance by up to 10%. The 72-cell Vd-Series module comes with Suntech's industry-leading 25-year power output warranty - including 0/+5% positive power tolerance - that warrants 6.7% more power than the standard industry warranty. The product meets UL1703, IEC 61215, and IEC 61730 standards.
Constructed on a 123-acre lot located adjacent to the Imperial Irrigation District's (IID) Niland electric substation and natural gas turbine facilities, the solar power plant will generate enough energy to power approximately 14,000 homes within the utility's service area in Imperial County and parts of Riverside and San Diego counties. The project will support IID's plan to comply with California's Renewable Portfolio Standard (RPS) which requires electricity service providers to meet 33% of retail electricity sales with renewable sources by the end of 2020.
The solar power plant will also help IID meet daily peak electricity demands, as last year IID reached its highest peak demand ever of 1,004 MW. The solar project will potentially provide for approximately 2.29% of the utility's peak demand, supplying decades of clean electricity primarily during peak demand hours.
"We're excited to support SunPeak Solar in helping IID meet its RPS goals and satisfy growing peak power demands," said Mick McDaniel, Vice President of the Utility Sales Division for Suntech America. "This well-designed project demonstrates how solar power can efficiently complement existing grid assets, while maximizing value for grid operators and off-takers. Solar electricity serves as an effective hedge against volatile fuel prices and can significantly reduce the aggregate costs of electricity generation."
The North American Development Bank (NADB) will provide a US$77.4 million credit facility to support the project. To date, NADB has helped finance 150 infrastructure projects worth more than US$3.26 billion, benefiting an estimated thirteen million people throughout the U.S.-Mexico border region.
"We are very pleased to participate in this project that will provide a cleaner energy alternative to citizens in Southern California," stated NADB Managing Director Geronimo Gutierrez. "We have been working to build partnerships in the renewable energy sector, with both public entities and private companies and with the signing of this loan, we are opening a new chapter in the evolution of the Bank that will help us move forward in the development of renewable energy projects."
About SunPeak Solar
SunPeak Solar, LLC is a privately-held solar energy project developer and asset manager with extensive experience in the development, financing, construction and operation of renewable energy projects. SunPeak is focused exclusively on providing utility clientele with custom-tailored solar energy solutions.
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's largest producer of solar panels 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 15,000,000 photovoltaic panels to over a thousand 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 Suntech's people and products visit http://www.suntech-power.com
About Imperial Irrigation District
Located in Southeastern California, IID is the third largest public power provider in the state serving electricity to approximately 148,000 customers in Imperial County and parts of Riverside and San Diego counties. IID manages approximately 1,100 MW of energy derived from a diverse resource portfolio that includes hydro, solar, nuclear, natural gas and coal.
About the North American Development Bank
The North American Development Bank is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank is working to develop integrated, sustainable and fiscally responsible projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.
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 statements, and includes the project's construction, installation, and ability to meet peak power demands; the ability of solar electricity to serve as an effective hedge against volatile fuel prices and significantly reduce the aggregate costs of electricity generation; and the ability of SuperPoly technology to improve module performance by up to 10%. 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.
SOURCE Suntech Power Holdings Co., Ltd.