Suntech Power Holdings Co., Ltd.
) announced that a 3.5 megawatt ground mounted photovoltaic
("PV") system with Suntech panels has been completed in Saudi
Arabia. This ground mounted solar system is the largest PV system
in the Kingdom of Saudi Arabia.
The solar field has been designed and built by Phoenix Solar.
Located on the grounds of the King Abdullah Petroleum Studies and
Research Center (KAPSARC), the system is owned by Saudi Aramco.
KAPSARC is located in Riyadh, Saudi Arabia and is the world's
largest energy research center.
Spread across an area of 55,000 square meters, the system
comprises of 12,684 Suntech panels and inverters from SMA Solar
Technology AG (S92). On an annual basis, the grid connected
system has the capacity to supply 5,800 megawatt hours of
electricity and can offset approximately 4,900 tons of carbon
dioxide (CO2) emissions.
Saudi Arabia is working on the generation of environment friendly
sources of electricity. The world's largest crude oil exporter
intends to generate one-third of its electricity from the sun by
2032. Primarily, it plans to boost renewable energy use to cut
down on oil consumption used for domestic desalinization and
power plants. Recently,
) has received an order for the delivery of 15 kilowatts of solar
modules from the Taibah University in Medina, Makkah Province,
Saudi Arabia. The modules delivered by ReneSola will be
used in an off-grid power plant project to test off-grid
In fact, the Middle East in general is opting for solar power to
reduce its large carbon footprint and dependency on fossil fuel
sources. With its extensive deserts and prolonged periods of
sunny days, the region would be the perfect place for utilization
of solar energy. Saudi Arabia currently has around 3 megawatts of
solar installations followed by other countries like UAE, Egypt,
Morocco, Tunisia and Algeria. This makes it a happy hunting
ground for solar module manufacturers like Suntech Power
Canadian Solar Inc.
JA Solar Holdings Co., Ltd.
Suntech Power Holdings Company Ltd. is one of the largest
producers of crystalline solar cells and modules, serving
geographically diverse customers. Its modules are best suited for
the dry climates of Saudi Arabia and the Middle East. The company
is prudently expanding its revenue base to divergent markets
around the globe, while increasing megawatts shipped.
However, we remain concerned about tepid module demand in Europe,
rising competition, the volatile euro and the financial stability
of its customers. The company presently retains a short-term
Zacks Rank #4 (Sell).
CANADIAN SOLAR (CSIQ): Free Stock Analysis
JA SOLAR HOLDGS (JASO): Free Stock Analysis
RENESOLA LT-ADR (SOL): Free Stock Analysis
SUNTECH PWR HLD (STP): Free Stock Analysis
To read this article on Zacks.com click here.