Suntech Supplies Solar Modules to 3MW Project for Leading South Korean Power Company
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SAN FRANCISCO, Calif., Nov. 9 - Suntech Power Holdings Co., Ltd. (NYSE:STP), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the completion of the first stage of a 3MW solar energy system for WEPCO (Korea Western Power Co., Ltd.). WEPCO is a subsidiary of KEPCO (Korea Electric Power Corporation), South Korea's largest power company.
The opening ceremony for the initial 2MW installation of WEPCO's new solar energy system was celebrated in Samryangjin, South Korea on November 6, 2007. Power and Industrial Systems Performance Group of Hyosung Corporation, a leading energy solution provider in South Korea, designed, managed and installed the solar energy system. Suntech will deliver a further 1MW of PV modules to be installed in the second phase of the project in early 2008.
Suntech's Chairman and CEO Dr. Zhengrong Shi stated, "As a subsidiary of South Korea's largest power supplier, WEPCO has an exceptional capacity to influence the growth of the domestic PV industry and we are delighted to collaborate with WEPCO on the development of this initial solar project. With strong demand for green energy, we look forward to building our relationship with WEPCO and supporting their efforts to broaden the application and use of solar energy in South Korea."
WEPCO commended the performance of Suntech's PV modules and the accelerated delivery schedule to meet tight project deadlines. A WEPCO spokesperson said, "We believe it is important to support the advent of clean and renewable energy resources such as solar, and WEPCO will continue to develop PV projects in South Korea. In fact, we currently plan to develop up to 5MW of new solar projects next year."
Dr. Shi added: "Hyosung's capable system design, construction and management of the solar project ensured the smooth and successful completion of the first phase. Hyosung's engineering expertise is invaluable to the development of the solar industry in South Korea, and we hope to expand our partnership with them to further projects."
South Korea offers among the strongest solar incentive programs worldwide with a feed-in-tariff of more than US$0.70/kWh over a 15 year period for installations above 30kW. South Korea has set impressive targets for PV installations with a goal of 1.3GW of installed capacity by 2011. This growth plan will rank South Korea among the world's leading countries for PV installations.
"South Korea's progressive solar incentives set a very positive example for nations both in Asia and worldwide. Within a very short period, Suntech has rapidly established itself as a leading supplier of PV modules in South Korea with sales this year growing over seven-fold from 2006. We believe that these solar incentives set a strong foundation for enormous growth in Suntech's sales within South Korea," added Dr. Shi.
About WEPCO
Korea Western Power Co., Ltd.(WP) a leading supplier and innovator in the 21st century Korean power industry, started its power business in April 2001. WP takes up approximately 13% of the national generating capacity mostly comprised of thermal, combined cycle, and pumped storage power plants. WP was initiated in separation from Korea Electric Power Corporation under the Korea Power Industry Restructuring Act. WP is undergoing the deregulation and privatization process. WP has about 1,600 employees and its head office is located in Seoul, Korea. For more information, please visit www.westernpower.co.kr/ .
About Hyosung
Hyosung Corporation, which has grown based on the establishment of Tongyang Nylon, marking an epoch in the history of chemical fibers, has been committed to expanding its business territory, including heavy industry, construction and information & communications, while seeking the creation of a new value. Power & Industrial Systems Performance Group of Hyosung is a leading renewable energy solution provider such as solar, wind, hydrogen and fuel cells. For more information, please visit www.hyosung.com/ .
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit www.suntech-power.com/ .
For more information, please contact:
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
