SAN FRANCISCO, March 12 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. , and 3rd Rock Systems and Technologies, Inc., a solar project developer based in San Francisco, announced that they have established a strategic alliance in connection with the development of an initial 7.2 MW of solar systems in the United States.
3rd Rock will act as project developer and leverage existing relationships to raise project financing. For projects developed under the alliance, Suntech will be both the preferred supplier of solar modules and provide engineering, procurement and construction services through its wholly owned subsidiary, Suntech Energy Solutions.
"This alliance creates an excellent opportunity to leverage 3rd Rock's expertise in monetizing a broad variety of tax credits, loans and other incentives, which are particularly appealing to schools and other non-profit organizations, with Suntech's engineering expertise and access to solar panels," said Steven Chan, Suntech's Chief Strategy Officer and President of Global Sales and Marketing. "Combined with our existing pipeline of traditional commercial and utility projects and our growing network of residential installers, this will enable us to directly serve the full breadth of solar customers in the US."
"Suntech's proven track record of supplying premium-quality panels and implementing commercial-scale solar systems makes this a great match for 3rd Rock," said Vijay Israni, President of 3rd Rock. "Our complete solar solution presents a clear value proposition to prospective customers and we expect to rapidly gain traction with customers beyond our current pipeline."
About 3rd Rock Systems & Technologies
3rd Rock Systems & Technologies is a leading developer of renewable energy projects. The team draws on its extensive experience to help clients of all sizes, leverage the many available financial incentives for modern renewable energy systems, to hedge against the rising and volatile costs associated with more traditional forms of energy. They provide their expertise to both Investors and Contractors to finance, construct, monitor, maintain and operate renewable energy assets, as our nation transitions to newer, cleaner, greener sources of energy.
About Suntech
Suntech Power Holdings Co., Ltd. is the world's leading solar energy company as measured by production output of 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 under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and the United States 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 ability to co-develop 7MW+ of solar projects in the U.S.; the ability to obtain project financing; and the ability to gain traction with prospective customers. 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.
For more information, please contact: At Suntech: In China: Rory Macpherson Investor Relations Director Suntech Power Holdings, Co. Ltd. Tel: +86-21-6288-5574 Email: rory@suntech-power.com In the United States: Sanjay M. Hurry Vice President The Piacente Group, Inc. Tel: +1-212-481-2050 Email: suntech@tpg-ir.com
