Suntech To Acquire Minority Interest In Nitol Solar

Posted by SI Staff on March 14, 2008 No Comments
Categories : FYI

Polysilicon producer Nitol Solar Ltd. and Suntech Power Holdings Co. Ltd., a manufacturer of photovoltaic cells and modules, have signed an agreement under which 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.

Nitol Solar's current supply contracts have an aggregate value of $1.5 billion through 2015. Suntech entered into a multi-year first-phase supply agreement with Nitol Solar in August 2007 for the supply of committed monthly volumes of polysilicon to Suntech from 2009 to 2015.

‘Our strong financial base puts Suntech in an excellent position to build strategic partnerships to secure increasing quantities of high-quality polysilicon at prices that we believe will accelerate our progress towards achieving grid parity,’ comments Dr. Zhengrong Shi, Suntech's chairman and CEO.

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