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Suntech Completes Investment In Nitol Solar
San Francisco CA (SPX) Aug 19, 2008 Suntech Power Holdings has announced it has completed the final round of its $100 million in aggregate purchase of a minority interest in Nitol Solar, an independent polysilicon producer. In conjunction with the completion of the transaction, Suntech also announced that it was pleased with the test results from the initial batches of polysilicon that it has received from Nitol. Suntech's completion of its minority investment in Nitol Solar coincides with the recently announced $50 million equity investment in and $25 million loan to Nitol Solar from IFC (International Finance Corporation), a member of the World Bank Group. Funds raised from both Suntech and IFC will help Nitol Solar to continue the on schedule construction of its new production facilities in Irkutsk, Russia and achieve its projected annual polysilicon capacity of 3,700 tons in 2009. "We are pleased to cement our strategic partnership with Nitol and jointly advance the adoption of solar energy as an instrument for sustainable global change," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This alliance supports our diversified polysilicon procurement strategy to increase visibility on supply while driving towards grid parity." "The recent investment in Nitol Solar by IFC validates our view of Nitol as one of the best-positioned new entrant polysilicon producers, both from a technical perspective and now with the financial means to build out their facility. We have already received sample quantities of polysilicon from Nitol and are very pleased with the quality achieved," added Dr. Shi. Lance Crist, Senior Manager IFC Oil, Gas and Chemicals, commented, "Our investment in Nitol underscores IFC's commitment to supporting the growth of renewable energy. Nitol's technical expertise in the production of key polysilicon inputs and its strategic relationship with Suntech are important reasons why we believe in the success of this project." On April 1, 2008, Suntech announced an expansion to the terms of its existing seven-year polysilicon supply agreement with Nitol Solar, which runs from 2009 to 2015. Under the expanded agreement, Nitol had agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015. Dmitry Kotenko, Chief Executive Officer of Nitol Solar, said, "Suntech has become a valuable partner of Nitol Solar and we are glad to acknowledge success in our on-going relations with one of the leaders in the global solar energy sector. Nitol Solar is committed to generating substantial value for our strategic partners as we execute on our expansion plans and progress in our mission to become cost efficient producers of quality polysilicon." Related Links Nitol Solar All About Solar Energy at SolarDaily.com
SunEdison And Q-Cells International USA Sign 800 MW Development Agreement
Beltsville MD (SPX) Aug 19, 2008SunEdison has announced that the company has entered into a 5-year, 800 MW development agreement in North America with Q-Cells International USA Corporation. |
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