MANILA, Philippines, June 6, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, and Propmech Corporation, a leading engineering, procurement and construction company in the Philippines, have completed a 571 kilowatt rooftop solar installation on the Asian Development Bank's (ADB) headquarters in Manila, Philippines. Equipped with high-quality solar modules from Suntech, and installed and integrated by Propmech, the new solar system will generate more than 600 megawatt hours of solar electricity and offset 307 tons of carbon dioxide per year, making it the largest rooftop solar installation in the Philippines. The inauguration ceremony occurred on June 5, 2012, World Environment Day.
"We are excited to partner with Propmech and to inaugurate ADB's rooftop solar installation. This solar installation demonstrates that with innovative solar products and collaboration among bankable partners, solar can provide a cost-effective solution for electricity generation across Southeast Asia," commented Dr. Zhengrong Shi, Founder, Chairman and CEO of Suntech.
"This solar installation is an important investment for our company. The investment is the most concrete expression of our belief and commitment to the viability of solar PV technology. We chose to partner with Suntech not just because of its high quality products, backed by a 25 year warranty, but more importantly because we share Dr. Shi's vision of providing the Filipino people with reliable access to nature's cleanest and most abundant energy source," remarked Mrs. Helen Tong, Managing Director of Propmech Corporation.
Considering that Philippines has some of the highest retail electricity tariffs in Asia at approximately $0.18/kWh, solar technology is providing cost-effective energy solutions for customers throughout the country.(1)
Suntech is a first-mover in driving solar energy adoption in Southeast Asia, and works with local partners to deliver high-quality and cost-effective solar electricity solutions. With one of the largest distribution networks in Southeast Asia, Suntech provides customized solar products for a wide range of solar applications.
To learn more about Suntech's effort in driving solar energy adoption, visit Suntech on Facebook at http://www.facebook.com/SuntechPower, on the Suntech Connect blog, or follow us on Twitter @Suntech_Connect for regular updates.
(1) Solarbuzz® Q2 2012 PV Market Quarterly Asia Pacific – April 2012 Report
Propmech Corporation is the flagship company of a 64-year-old business conglomerate. It engaged in the renewable energy business in 2008 when in partnered with Suntech to develop the Solar PV industry of the Philippines. Propmech is the largest participating company of the Philippine Department of Energy and the World Bank in the country's Rural Power Program. To date, Propmech has installed over 104,000 Solar PV systems in over 500 locations throughout the Philippines.
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 25,000,000 photovoltaic panels to over a thousand customers in more than 80 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.
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 ability of the installation to generate more than 600 megawatt hours of electricity per year, and Suntech having the largest distribution network in Southeast Asia. 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.
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SOURCE Suntech Power Holdings Co., Ltd.