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Suntech Signs Contract with Recurrent Energy to Deliver 5MW of Modules in Q4 2009 for California's Largest Solar Photovoltaic System

Date : 08/05/2009 @ 8:00AM
Source : PR Newswire
http://ih.advfn.com/p.php?pid=nmona&cb=1249500516&article=38914702&symbol=NY^STP

SAN FRANCISCO, Aug. 5 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE:STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, announced today that it has been selected to supply over 25,000 modules for Recurrent Energy's five megawatt municipal solar power project atop the Sunset Reservoir in San Francisco, California. All modules are scheduled for delivery in the fourth quarter of 2009.

The project, contracted by the San Francisco Public Utilities Commission in late 2008 and signed into law by San Francisco Mayor Gavin Newsom in May 2009, will more than triple San Francisco's total municipal solar power output from 2MW today to 7MW upon completion in 2010. According to the SFPUC, it will be California's largest solar photovoltaic (PV) system to date.


'Suntech America and Recurrent Energy are both San Francisco-based companies and we are proud to jointly participate in bringing a green energy future to this wonderful city,' said Steven Chan, Suntech's Chief Strategy Officer and President, Global Sales/Marketing. 'Working together, we can help reduce dependence on fossil fuels throughout North America. Forward-thinking projects such as the Sunset Reservoir system set a notable precedent for reducing greenhouse gases and stimulating a national green economy.'

After extensive vetting, Recurrent Energy chose Suntech's high-efficiency solar modules to help maximize energy production after considering the site's urban setting and finite usable roof space. Suntech modules are effective in converting the sun's rays into electricity in low and indirect light, an important factor given the site's wide variety of weather conditions during the year.

'The combination of the system design and Suntech modules will help us to deliver the maximum amount of solar energy and environmental benefits over the lifetime of the Sunset Reservoir project,' said Arno Harris, CEO of Recurrent Energy. 'This PV system is expected to produce enough renewable energy to provide for 1,000 typical City residents, avoiding the release of more than 109,000 metric tons of carbon dioxide emissions.'

Recurrent Energy will own and operate the system and sell all the renewable electricity to the City and County of San Francisco under a 25-year power purchase agreement. The anticipated production for the 5 MW project is 6,560,000 kWh in the first year. Under the agreement, Recurrent Energy assumes all financing, construction, and operating obligations for the project.

About Recurrent Energy

Recurrent Energy is a distributed power company and a leading provider of solar energy. The company solves rising global demand for clean energy by developing and owning solar power plants located in areas of high demand where power is needed most. Recurrent Energy sells clean electricity to commercial, government, and utility customers at competitive rates via Power Purchase Agreements or Feed-in Tariffs. Notable projects include a 5 megawatt planned installation with The City and County of San Francisco, which will be the largest municipal solar installation in the United States upon completion. For more information on Recurrent Energy and distributed solar power, please visit http://www.recurrentenergy.com/ .

About Suntech

Suntech Power Holdings Co., Ltd. (NYSE:STP) is the world's leading solar energy company as measured by production output of crystalline silicon 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 subsidiary 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 Renewable Ventures, a Fotowatio company. With regional headquarters in China, Switzerland and San Francisco 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/ .