Tuesday, April 15, 2008

Trina Solar drops plans for polysilicon plant

April 14, 2008

The company said the polysilicon supply market has changed for the better, and it no longer needs to build the plant.

Changzhou, China-based Trina Solar (NYSE: TSL) announced today that it has canceled plans to build a $1 billion polysilicon production plant, saying supplies of the material have become more available.

"We have made this strategic decision after careful assessment of our raw material requirements, in conjunction with recent and favorable long term polysilicon market and supply condition developments." said Jifan Gao, chairman and CEO of Trina Solar.

Trina said the plant was expected to have a capacity of 10,000 metric tons.
As a result of the change in plans, Trina said its related equipment supply contract with Merrimack, N.H.-based GT Solar would lapse.

But Trina said the two companies would continue to work together.

"We wish to reaffirm our strong working relationship with our partner GT Solar, which continues to provide us with advanced multicrystalline technology platforms to support our target of 350 megawatts of annualized module capacity by the end of 2008," said Gao.

Trina said it would continue to sign long term contracts to meet its strategic polysilicon supply needs.

Last November, Trina said a deal to get polysilicon from Leshan, China's Sichuan Yongxiang Polysilicon.

Under that six year contract, Sichuan is expected to supply Trina with enough virgin polysilicon to produce 1,300 MW of modules.

In addition to supply contracts, Trina said it would consider strategic investment options in future polysilicon projects, although the company said it has no projects currently under consideration.

Suntech Receives Frost & Sullivan 2008 Solar Energy Development Company of the Year Award

SAN FRANCISCO, April 14 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced it was named Frost & Sullivan's 2008 Solar Energy Development Company of the Year. In granting the award to Suntech, which recognizes a company for unparalleled excellence in design and delivery of high-quality PV cells and modules and customization of energy solutions catering to a global client base, Frost & Sullivan cited Suntech's outstanding focus on R&D and wide spectrum of top-class, energy efficient solutions and products that are sustainable, customizable and of the highest caliber. Suntech will accept the award in a ceremony on April 15th in San Antonio, Texas.

"We are honored to receive such a designation, as it serves to further validate our commitment to provide the most innovative, highest quality solar energy products to customers around the world," said Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. "We are passionate about working with our customers in anticipating tomorrow's energy needs today. Only through continued innovation can we achieve this goal and truly fortify our position as a global leader in solar energy."

While PV cells and modules ranging from 170 watts to 280 watts are the mainstay of Suntech, Frost & Sullivan highlighted the Company's strong capabilities in building integrated photovoltaic (BIPV) systems as particularly noteworthy and innovative, strengthened by its acquisition of Japanese BIPV specialist MSK in 2006. The MSK Solar Design Line, Suntech's in-house developed, proprietary line of BIPV, has proven to be cost-effective and versatile with a high aesthetic finish.

According to Frost & Sullivan, Suntech has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, and Italy, in addition to ranking among the top three suppliers in the three largest solar markets of Germany, Spain and the United States. With expanding production bases in Wuxi and Shanghai and plans to reach 1GW of PV cell production capacity by the end of 2008, Suntech is set to leverage the ever-increasing demand for clean, reusable and affordable solar power across the globe. In order to better serve its global customer base, Suntech has recently established local sales and service centers in Germany, Spain and South Korea and plans to continue to expand its international network by launching offices in Italy, Greece and Australia over the next 12 months.

About Frost & Sullivan

Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.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/ .