Tuesday, April 1, 2008

Nitol Solar and Suntech Expand Polysilicon Supply Agreement

Expansion of Strategic Partnership Between Nitol and Suntech
April 01, 2008: 08:00 AM EST

SAN FRANCISCO, April 1, 2008 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd., an independent polysilicon producer, today announced an expansion to the terms of their existing seven-year polysilicon supply agreement which runs from 2009 to 2015. Under the expanded agreement, Nitol has agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015.

Suntech recently announced a strategic investment whereby Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 million, subject to the satisfaction of certain conditions. Suntech has already paid the first $33 million installment of this investment to Nitol Solar. The proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia which is expected to be completed in 2009. The new facility will utilize advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.

Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business. With Suntech's financial strength from the recent capital raising and plans for rapid capacity expansion, we will continue to build relationships with silicon producers that increase our long term cost visibility. We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''

Dmitry Kotenko, Chief Executive Officer of Nitol Solar said: ''Suntech is a highly valued partner and our cornerstone customer, and we are pleased to expand our role as one of their key suppliers. This is another important step in our strategic relationship and we look forward to continuing to build our collaboration. Now that we have a strong order backlog and a diverse customer base, we are concentrating on ramping our first phase polysilicon plant and initiating the production of high-quality polysilicon as soon as possible.''

About Nitol Solar

Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar's current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar's aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry. For more detailed information please visit Nitol Solar's website at http://www.nitolsolar.com .

About Suntech

Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .

Solargiga Energy ends flat in HK debut

Apr. 1, 2008 (China Knowledge) - Shares in Solargiga Energy Holdings Ltd<757>, China's second-largest solar wafer maker in terms of output and sale volume, ended its Hong Kong debut almost flat on Monday.

The company raised about US$127 million in the IPO that was delayed and downsized due to weak markets. The proceeds will be used for business expansion.
Its shares finished at HK$2.93 after rising as much as 6.85% at a point, slightly higher than its IPO price of HK$2.92. Only 82.6% of Solargiga's retail tranche was subscribed.
Many companies have quitted or shelved Hong Kong IPOs as investors remained cautious amid unpleasing market situation.

Yingli Green Energy Announces Completion of Solar Project in Spain Using Modules Supplied by It

BAODING, China, Apr 01, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that the Installation Solar Villar De Canas 2 Project (the "Project") in Cuenca, Spain has been recently completed with 9.5 MW modules supplied by Yingli Green Energy under a previously announced sales contract between Yingli Green Energy and Control y Montages Industriales CYMI S.A. ("CYMI").

Yingli Green Energy was the sole PV modules supplier of the Project. The Project is expected to have a total annual power output of approximately 13.1 million kW/h. The Project was completed on February 28, 2008, which lasted seven months.

"I am very grateful to have had Yingli Green Energy work with us to successfully complete the Installation Solar Villar De Canas 2 Project," commented by Mr. Carlos Palli, Solar Manager of CYMI. "Yingli's top quality products and support played a very important role in our success on this project which powers Villar De Canas in Cuenca, Spain and I hope we can further expand the relationship between our two companies."

"We are very pleased to see the completion of the Installation Solar Villar De Canas 2 Project," commented Mr. Yiyu Wang, Chief Strategic Officer of Yingli Green Energy, who attended the completion ceremony. "I believe our high-quality products and active involvement in the Project's construction has helped us further demonstrate our well-established brand recognition in the region, our excellent customer support and our commitment to creating sustainable relationship with our customers."

Globe Specialty Metals Inc. to produce polysilicon in China

Globe Specialty Metals Inc. has signed investment agreement with Shengji Silicon to build polysilicon project in Baoshan Yunnan, China.

The total investment will be 1.1 billion RMB, and the first phase project will have capacity of 50,000 ton metal silicon and 2,000 ton polysilicon, and the first phase project will be completed by the end of July 2009. The whole project will be completed at the end of 2010, and then the total production capacity will be 100,000 ton metal silicon and 5,000 ton polysilicon.