Suntech: Collaboration to Deliver Solar to Pakistan
Suntech Power Holdings Co., Ltd., the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has entered into a memorandum of understanding (MOU) with Pakistan's Alternative Energy Development Board (AEDB) to work towards the widespread use of solar energy technologies to meet the energy shortage in Pakistan.
The objective of the MOU is to facilitate cooperation between Suntech and the public sector and private companies in Pakistan to help implement solar programs including the AEDB's Rural Electrification Program; the development of Solar Power Pumping Systems with the AEDB and the World Bank; and Solar Power Telecom Projects in collaboration with Pakistani telecom companies.
"We are proud to collaborate with the Alternative Energy Development Board to bring the latest in crystalline silicon solar technology to Pakistan," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This is a clear example of the promise of solar energy in meeting growing demands for electricity in the developing world in an environmentally friendly way. With rapid improvements in solar energy technology and operational efficiency, solar energy is establishing itself as a crucial, cost-competitive part of the global energy mix."
"We are very pleased to be working with Suntech towards developing clean renewable energy in our country," said Mr. Masood Khan, Pakistan's Ambassador to China. "Pakistan is committed to using solar power as a way to solve Pakistan's energy shortage, and we are confident in Suntech's reputation as a global industry leader to bring reliable environmentally sustainable solutions to Pakistan's growing energy needs."
The MOU sets forth the agreement in principle of the parties concerning the project and related activities. Final agreement between the parties is subject to the negotiation and execution of definitive agreements among the parties.
About the Alternative Energy Development Board (AEDB)
The Alternative Energy Development Board was created by the government of Pakistan in 2003. The board is comprised of twelve members and chaired by Mr. Raja Pervez Ashraf. The functions of the Board are to develop national strategy, policies and plans for utilization of alternative and renewable energy resources to achieve the targets approved by the Federal Government, to act as a forum for evaluating, monitoring and certification of alternative or renewable energy projects and products, to act as a coordinating agency for commercial application of alternative or renewable technology, and to facilitate power generation through alternative or renewable energy resources. For more information, please visit http://www.aedb.org .
Suntech Power Holdings Co., Ltd. is the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods. Suntech also offers one of the broadest ranges of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please 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 negotiation of definitive agreements among the parties, the ability of Suntech to supply the modules under the agreement, the implementation of the solar programs in Pakistan, the amount of energy the systems will generate upon completion, and the number of residents to whom the system can provide power. 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.
Investor Relations Director
Suntech Power Holdings Co., Ltd.