Suntech Power to Develop 20% of China's Solar Rooftop Program

Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that it expects to develop approximately 20% of the 91MW of solar projects that were approved under China's Solar Rooftop Program.
China's Solar Rooftop Program, which was launched in March this year by the Ministry of Finance, is designed to increase the energy efficiency of buildings through the installation of building-attached and building- integrated PV solar systems. The first set of applications was submitted in April, and recently 111 solar projects totaling 91MW across China were approved to receive funds through the program. The system owners are expected to receive a 13-17RMB per watt rebate for all projects approved through the program. Suntech targets to develop approximately 20% of the successful applications and will also participate as the system owner or partial investor in some projects. Suntech has completed 4MW of its approved projects and plans to develop the remainder by mid-2010. Specific project agreements will be signed prior to implementation.
"Building energy use accounts for roughly 28% of total energy consumption in China and is a critical front in the drive to achieve higher energy efficiency and reduce carbon emissions," said Dr. Zhengrong Shi, Suntech's Chairman and CEO.

Labels: China, Solar power, Solar Projects, Solar Stocks, STP, Suntech Power

posted by Ertai at 8:24 AM