Suntech Power Holdings Company Ltd.
) has entered into an agreement with Italian solar engineering,
procurement and construction ("EPC") company, SunSystem S.p.A. to
deliver 25 megawatts ("MW") of polycrystalline solar panels.
These solar panels are suitable for the large-scale commercial
projects and roof-top installations with an estimated generation
capacity of 30,000 MW-hours of electricity per year. The project
is expected to come online by 2013.
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Per the agreement, these power plants will be operated by
SunSystem and expanded by its Romanian unit RoEnergy. The newly
installed solar panels will provide power to two new Romanian
photovoltaic ("PV") projects. These power plants will operate
with Suntech's 60-cell polycrystalline modules and STP 245-20/Wd
that has an improved frame design and conversion efficiency of
more than 15%.
Globally, demand for renewable energy is rising primarily due to
its clean nature, increasing prices of fossil-fuels, and growing
awareness among the masses regarding the benefits of renewable
energy. This fact compels the utility providers to shift their
mode of power generating operations to wind, solar and water from
coal, oil and natural gas.
Suntech aims to capitalize this opportunity and expand its
overseas business footprint while foraying with international
solar EPC players. The company has been supplying solar panels to
customers across the globe. Few days earlier, the company signed
a contract with a consortium led by Mainstream Renewable Power in
South Africa to deliver 100 MW of solar panels for the two
planned projects in South Africa.
These kinds of high-quality solar infrastructure orders will
strengthen Suntech's presence in the global solar market. We
consider this as a positive catalyst for the company's future
In addition, the company continues to convert its existing
domestic manufacturing bases into cost-effective units, which
will subsequently improve its forthcoming earnings.
Another solar player
) is also busy in expanding its global footprint with
back-to-back contract wins for the supply of solar modules to
Kiran Energy Solar Power Pvt. Ltd. and Mahindra Solar One Pvt.
Ltd., both based in India. In addition, the company is also
engaged in the building of a 13-MW solar photovoltaic power plant
in Seih Al Dahal in Dubai.
Wuxi, China-based Suntech Power Holdings Company Ltd. is a solar
energy company that designs, develops, manufactures and markets a
variety of PV products, including a broad range of value-added
building-integrated photovoltaic products. The company
manufactures silicon wafers and ingots used in manufacturing its
PV cells and modules. With a market capitalization of $173.73
million, Suntech has 17,693 full-time employees.