Suntech Announces Strategy to Solidify Market Leadership

WUXI, China, Oct. 9, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), the world's largest producer of solar panels, today announced its strategy to improve operations and solidify its global industry leadership.

David King, Suntech's CEO, said, "Trade protectionism and an imbalance between demand and supply have contributed to increasing competition and declining profitability for solar manufacturers globally. In this environment, it is imperative that we focus on what we do best and take decisive actions to solidify our market leadership.

"By continuing to invest in Suntech's technology and customer-service, right-size production capacity, drive down cost, streamline our operating structure and improve our financial position, we aim to return to a sustainable and profitable business model," added David King.

The strategy consists of 5 key elements:

•     Invest in profitable and sustainable customer relationships. Suntech will continue to drive technology innovation and focus on providing exceptional products and service to solar industry partners who value levelized-cost-of-electricity over installed price per watt.
•     Right-size production capacity. In order to increase manufacturing utilization and reduce production cost, Suntech has temporarily reduced PV cell capacity to 1.8GW and will maintain wafer capacity at 1.6GW and module capacity up to 2.4GW. Going forward, the Company will leverage its global supply chain to navigate trade protectionism and fluctuations in demand.
•     Cut production cost. Suntech will continue to measure cost inputs, evaluate performance against best-in-class benchmarks, and maintain a highly competitive cost structure, without compromising quality and performance. By the end of 2012, Suntech targets a module non-silicon cost structure of approximately 55c per watt, a 30% reduction from the end of 2011.
•     Streamline operating structure. The Company will continue to streamline operations to eliminate overlap and improve operational and process discipline. Suntech is on track to achieve a 20% reduction in annualized operating expenses (excluding non-recurring items) in 2012, compared to 2011. The Company will continue its cost reduction initiatives in 2013 and adjust operations to match market conditions.
•     Improve financial position. Suntech is committed to extending the maturity of credit facilities and continuing to reduce total debt and related interest expenses.  Suntech has retained the UBS Investment Bank to evaluate alternatives to address its convertible notes due March 2013. 

"At Suntech, we have built an unparalleled track record through deploying around 7GW of solar products to more than 80 countries. With this strategy, I am confident that we can return to positive operating cash flow in 2013 and set Suntech on the path to continued success in the solar industry," said David King.

About Suntech

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.

Suntech and EDP Renovaveis Announce 39 MW Sales Agreement

SCHAFFHAUSEN, Switzerland, Oct. 8, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, and EDP Renovaveis have signed a contract for Suntech to supply 39 megawatts (MW) of polycrystalline solar panels. The Suntech solar panels will power four new photovoltaic projects under construction in Romania that will be connected between late 2012 and early 2013.

"We are pleased to cooperate with one of the most prominent players in the Spanish and Portuguese energy market, and a leader in the renewable energy sector. EDP shares our vision to drive the adoption of renewable energy through the provision of high-quality, affordable solar products," said Vedat Gurgeli, Managing Director of Suntech Europe.

"It's exciting and motivating to see companies like EDP Renovaveis focused on growing their portfolio of solar installations around the world. Suntech is proud to be selected for these first major solar projects in Romania," said Alejandro Moreno, Suntech's Country Head for Spain and Portugal.

To learn more about Suntech's efforts in making solar power affordable, please visit the Suntech Connect blog, like us on Facebook, or follow us Twitter @Suntech_Connect for regular updates.

About EDP Renovaveis

EDP Renovaveis is a global leader in the renewable energy sector and is the third largest wind energy company in the world.

The EDP Group is EDP Renovaveis's major shareholder. The EDP Group is Portugal's largest industrial group and one of Europe's main energy companies. It is currently the Iberian Peninsula's third largest energy operator, holding business interests in the generation, distribution and supply of electricity and gas in Portugal and in Spain. Besides its leadership position on the Iberian Peninsula, the EDP Group also holds a significant position in the Brazilian electricity sector.

About Suntech

Suntech Power Holdings Co., Ltd. (NYSE: STP) produces industry-leading solar products for use for residential, industrial and utility purposes. 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 on Suntech's people and products, please visit www.suntech-power.com

Suntech Announces Commitment to Action at 2012 Clinton Global Initiative Annual Meeting to Power Hospital in the DRC

NEW YORK and WUXI, China, Sept. 24, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, today announced that it will create a Commitment to Action as part of the Clinton Global Initiative (CGI) Annual Meeting to help power the Panzi Hospital in Bukavu, Democratic Republic of the Congo (DRC).  Suntech will donate up to 300 kilowatts of solar panels to the hospital, which will significantly reduce its dependence on expensive diesel generators and firewood.

"With a quarter of the world's population in developing countries lacking access to basic electricity, it is critical that developed nations and corporations around the world collaborate to solve this issue now," said Dr. Zhengrong Shi, Suntech's founder, Executive Chairman, and Chief Strategy Officer. "Our mission is to provide reliable access to solar energy to everyone, especially in developing countries, and by creating a commitment with the Clinton Global Initiative, we hope to alleviate energy poverty in remote communities around the world that lack basic electricity."

The Panzi Hospital has 334 patient beds and provides treatment relating to obstetrics, gynecology, pediatrics, internal medicine, surgery, ophthalmology, dentistry, and nutrition - all while struggling with   unreliable access to public electricity.

Over the years, Suntech has driven many campaigns to raise awareness and alleviate energy poverty around the world. In Tanzania, Suntech donated solar panels to the Sega Girls School, where the clean electricity helps generate a more capable and self-sustaining generation of young women. In Lebanon, it collaborated with a local partner to supply solar panels for 19 remote schools. Suntech has also donated solar panels to support the electrification of hospitals in Haiti. In addition, Suntech launched its Low Carbon Concept Museum in June 2010, which has attracted students from around the world to learn the intimate relationship between energy and human civilization.

To learn more about Suntech's efforts in alleviating energy poverty, please visit our Suntech Connect blog, like us on Facebook, or follow us on Twitter @Suntech_Connect for regular updates.

About Suntech

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.

Suntech Arizona Selected as One of Arizona's Most Admired Companies

GOODYEAR, Az., Sept. 20, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, today announced that its Goodyear, Arizona manufacturing plant has been selected by Arizona Business Magazine and BestCompaniesAZ as one of 40 winners for the 2012 Arizona's Most Admired Companies Awards (MAC). All 40 winners were recognized at an awards reception in Phoenix and are featured in the September/October issue of AZ Business Magazine.

Arizona's Most Admired Companies are selected based on how a company has performed in the following areas: Workplace Culture, Leadership Excellence, Corporate and Social Responsibility and Customer Opinion.

"This is the most comprehensive and most prestigious corporate awards program in Arizona. It recognizes the contributions and impact these 'most admired companies' bring to the state," said Denise Gredler, Founder & CEO of BestCompaniesAZ and co-founder of the MAC program.

"We are honored that our Goodyear facility has been recognized as one of the best places to work in Arizona," said Jerry Liu, General Manager of Suntech Arizona. "We are able to attract incredible talent because we have a commitment to the growth, well-being, and satisfaction of our employees. More than anything, it's our people that differentiate Suntech in a highly-competitive PV manufacturing industry."

Suntech's Goodyear, Arizona facility was opened in October 2010. The 117,000 square foot facility features highly automated manufacturing and product testing equipment and currently produces Suntech's 290W multicrystalline silicon solar panels for commercial and utility-scale electricity generation. Solar panels produced at Suntech's Goodyear facility are compliant for procurement in American Recovery and Reinvestment Act (ARRA) and Buy American Act projects.

Suntech's Goodyear operation has steadily increased its workforce, adding a second shift in January 2011 and a third shift in May 2011. The state-of-the-art module manufacturing facility runs twenty-four hours per day with more than 100 skilled employees, approximately 75 percent of whom were hired out of unemployment, showing the solar industry's ability to create jobs.  The facility's annualized production throughput is nearly 50MW, representing about 15,000 high-quality solar panels per month, or enough to power about 6,000 homes.

To learn more about Suntech, please visit the Suntech Connect blog, like us on Facebook or follow us on Twitter @Suntech_Connect for regular updates.

About Suntech

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

Suntech Resets Production Capacity and Optimizes Organization

WUXI, China, Sept.17, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company") today announced that in order to reduce production cost and operating expenses, the Company has temporarily closed a portion of its solar cell production capacity in Wuxi, China and will continue to optimize its organization.

David King, Suntech's CEO, said, "In this rapidly evolving solar market, it is crucial to evaluate market trends and adapt our business to suit. In light of the preliminary U.S. anti-dumping tariff, the European anti-dumping investigation, and oversupply of solar modules, we have decided to right-size our production capacity and continue to optimize our organization. With a smaller manufacturing base we will be able to lower production cost, increase utilization rates and improve product performance. With these and other initiatives we target to create a sustainable business model and return to positive operating cash flow in 2013."

Post the restructuring, Suntech's operational solar cell capacity will temporarily be reduced to 1.8GW, module capacity will remain at 2.4GW and wafer capacity will remain at 1.6GW. The consolidation of solar cell capacity is expected to affect approximately 1,500 employees in China. The majority of employees will be offered positions at other production facilities and severance packages will be provided to all others. The restructuring initiatives are expected to substantially improve the utilization rate of solar cell production facilities. In addition, Suntech's panel cost is expected to improve as production will be concentrated at the Company's highest efficiency, lowest cost manufacturing facilities.

Suntech is on track to reduce its operating expenses (excluding non-recurring items) by 20% in 2012 compared with 2011. Impairments related to the closure of facilities, severance payments and other related expenses are currently being assessed and will be disclosed in the Company's third quarter 2012 earnings report.

About Suntech

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 cleane

Suntech Introduces Compact 305 Watt SuperPoly Module in Europe

SCHAFFHAUSEN, Switzerland, Sept. 13, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, will introduce a new generation of their successful 72-cell module for commercial and utility-scale electricity generation in Europe. The SuperPoly STP305-24/Ve, with 15.7 percent efficiency, is ideally suited for large-scale commercial projects seeking a low levelized cost of energy (LCOE). In addition, the new Ve-Series modules feature a slim frame design lowering storage and shipment costs by up to 16 percent.

The new modules will be available throughout Europe starting in November 2012. Suntech's SuperPoly technology achieves high efficiency by utilizing an advanced ingot casting process, which combines the benefits of mono-crystalline silicon wafers (high efficiency) and poly-crystalline silicon wafers (square wafers and better temperature performance) into one product. With 72 six-inch cells, the new 1956x992x40mm module boasts one of the highest fill factors in the industry and lowers project installation costs.

An improved design reduces frame thickness from 50mm to 40mm, providing a 1.2 kg reduction in total module weight, without compromising module stability or durability. The module is certified to withstand extreme wind (3,800 Pascal) and snow (5,400 Pascal) loads. This superior frame design not only facilitates efficient module handling and installation, but allows for more modules to be installed on rooftops with tight weight constraint, highly relevant for many industrial projects.

"Considering that solar electricity is already competitive in key European markets, the SuperPoly Ve-Series modules will continue to drive commercial sector PV growth," said Vedat Guergeli, Managing Director of Suntech Europe. "Our SuperPoly Ve-Series modules offer high-efficiency combined with excellent reliability, while the new design makes it easier to transport and install. This product will save time, effort and cost, while generating more electricity for our partners and installers."

In addition, a new texturing process has changed the cell appearance of the SuperPoly Ve-Series. Whereas former SuperPoly cells showed both mono- and poly-silicon parts, the new cell's appearance is similar to standard polycrystalline cells while maintaining the SuperPoly advantages such as higher efficiency. The new product line also features Suntech's industry-leading 25-year power output warranty, with positive power tolerance, and a workmanship warranty of 10 years.

The new Suntech SuperPoly STP305-24/Ve solar module will be on display during PVSEC 2012 in Frankfurt on September 24 - 28, 2012 at the EPIA booth, hall 3.1, booth H13.

To learn more about Suntech's efforts in pursuing innovation excellence, please visit us on Facebook, on our Suntech Connect blog, or follow us on Twitter @Suntech_Connect for regular updates.

About Suntech

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.

Suntech Signs Contract with Recurrent Energy to Deliver 5MW of Modules in Q4 2009 for California's Largest Solar Photovoltaic System

SAN FRANCISCO, Aug. 5 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has been selected to supply over 25,000 modules for Recurrent Energy's five megawatt municipal solar power project atop the Sunset Reservoir in San Francisco, California. All modules are scheduled for delivery in the fourth quarter of 2009.

The project, contracted by the San Francisco Public Utilities Commission in late 2008 and signed into law by San Francisco Mayor Gavin Newsom in May 2009, will more than triple San Francisco's total municipal solar power output from 2MW today to 7MW upon completion in 2010. According to the SFPUC, it will be California's largest solar photovoltaic (PV) system to date.

''Suntech America and Recurrent Energy are both San Francisco-based companies and we are proud to jointly participate in bringing a green energy future to this wonderful city,'' said Steven Chan, Suntech's Chief Strategy Officer and President, Global Sales/Marketing. ''Working together, we can help reduce dependence on fossil fuels throughout North America. Forward-thinking projects such as the Sunset Reservoir system set a notable precedent for reducing greenhouse gases and stimulating a national green economy.''

After extensive vetting, Recurrent Energy chose Suntech's high-efficiency solar modules to help maximize energy production after considering the site's urban setting and finite usable roof space. Suntech modules are effective in converting the sun's rays into electricity in low and indirect light, an important factor given the site's wide variety of weather conditions during the year.

''The combination of the system design and Suntech modules will help us to deliver the maximum amount of solar energy and environmental benefits over the lifetime of the Sunset Reservoir project,'' said Arno Harris, CEO of Recurrent Energy. ''This PV system is expected to produce enough renewable energy to provide for 1,000 typical City residents, avoiding the release of more than 109,000 metric tons of carbon dioxide emissions.''

Recurrent Energy will own and operate the system and sell all the renewable electricity to the City and County of San Francisco under a 25-year power purchase agreement. The anticipated production for the 5 MW project is 6,560,000 kWh in the first year. Under the agreement, Recurrent Energy assumes all financing, construction, and operating obligations for the project.

Suntech and China Huadian Sign Strategic Agreement to Develop 500MW of Solar Projects

BEIJING and WUXI, China, July 22 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that Suntech has recently entered into a strategic agreement with China Huadian New Energy Development Co., Ltd. (HNE) to develop a total of 500MW of utility-scale and commercial roof-top solar projects in China's sun rich western provinces, Jiangsu province and Shanghai over the next three years.

Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.

"We are pleased to build this relationship with Suntech to develop solar energy projects in China," said Mr. Zheng Fang, General Manager of HNE. "These solar systems will provide clean and renewable energy to countless Chinese households and businesses, particularly those in western regions, and facilitate sustainable development. We believe that solar energy will become an increasingly important means of satisfying China's growing demand for electricity."

Dr. Zhengrong Shi, Suntech's Chairman and CEO said, "China Huadian New Energy Development Company already has an impressive portfolio of renewable energy power plants and we are excited to collaborate with them to expand the adoption of solar energy in China. We are confident that solar energy will play a significant role to help China achieve its renewable energy goals and mitigate the effects of climate change."

Projects developed through this collaboration may include solar projects previously announced by Suntech including those in Qinghai province; Shaanxi province; Shizuishan city, Ningxia province; Panzhihua city, Sichuan province; and Jiangsu province. All projects are subject to feasibility studies and government approvals.

Suntech Chairman and CEO Dr. Zhengrong Shi Receives World Technology Network Award for Energy

NEW YORK and WUXI, China, July 21 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, today announced that its Chairman and Chief Executive Officer, Dr. Zhengrong Shi, has received the 2009 World Technology Award for Energy for his innovative work to develop solar technology and promote the adoption of solar energy.

The award was presented by the World Technology Network (WTN) at The World Technology Summit and Awards gala held on July 16, 2009 in New York City. The WTN brings thought leaders from more than 60 countries together to examine the likely implications and possible applications of emerging technologies of all types including new energy sources.

James P. Clark, Chairman of the WTN, said, "We are pleased to present this year's WTN Award for Energy to Dr. Zhengrong Shi of Suntech for his outstanding achievements in the field of photovoltaics and leadership in the world's quest for energy sustainability. We believe that his work both as a scientist and an entrepreneur will produce long-lasting environmental benefits for generations to come."

Dr. Shi remarked, "I am very pleased to receive this prestigious distinction from the World Technology Network. It has been a privilege to contribute to the transition of solar technology from the lab to commercial reality. Governments worldwide increasingly realize the importance of investing in solar energy, and with further evolution of solar technology we have no doubt that it will become a critical element of global energy generation."