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Nitol, Suntech expand polysilicon supply deal

Posted: 03 Apr 2008 ?? ?Print Version ?Bookmark and Share

Keywords:polysilicon supply agreement? photovoltaic cell? solar power systems?

Photovoltaic cell maker Suntech Power Holdings Co. Ltd and independent polysilicon producer Nitol Solar Ltd have expanded the terms of their existing seven-year polysilicon supply agreement. Under the expanded agreement, Nitol will increase the aggregate committed volumes to be supplied from 2009 to 2015.

Suntech will acquire $100 million worth of shares in Nitol Solar, subject to satisfaction of certain conditions. Suntech has paid the first $33 million installment of the investment to Nitol Solar. Proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia, which is set for completion in 2009. The facility will use advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.

''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business," said Suntech chairman and CEO Zhengrong Shi. "We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''

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