Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s largest photovoltaic (PV) module manufacturers, announced that it has entered strategic agreements for the development of 1.8 gigawatts (GW) of photovoltaic solar power in China.
Separate agreements were signed with each of Shaanxi provincial government, Shizuishan city government, Ningxia province, Qinghai provincial government and Panzhihua city government, Sichuan province to develop 300 MW, 500 MW, 500 MW and 500 MW of solar projects respectively.
The implementation of these projects is subject to the satisfaction of a number of conditions including obtaining related permits from the National Development and Reform Commission and other relevant government bodies; drafting project designs; and attracting the necessary investment and project financing to implement the projects.
Suntech designs and delivers commercial and utility scale solar power systems through its subsidiary Suntech Energy Engineering and will own and operate projects greater than 10 MW in the United States through Gemini Solar Development Company, a joint venture with Renewable Ventures, a Fotowatio company.
Suntech recently signed a US$50 million convertible loan agreement with IFC, a member of the World Bank Group, to support the company’s transition to its Pluto manufacturing technology.
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