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PV manufacturer gains stake in Asia Silicon

Posted: 19 Feb 2009 ?? ?Print Version ?Bookmark and Share

Keywords:stake minority? Silicon Asia? Suntech stake?

Suntech Power Holdings Co. Ltd has recently acquired a minority stake in Asia Silicon Co. Ltd from an existing shareholder for a total consideration of approximately $8.1 million.

"We are very pleased to cement our relationship with Asia Silicon," said Zhengrong Shi, Suntech's chairman and CEO. "By combining Asia Silicon's low-cost polysilicon with Suntech's high conversion efficiency technology, we believe that we will be able to achieve grid parity in many parts of the world within the next two or three years."

Suntech previously entered into an agreement to purchase high purity polysilicon from Asia Silicon with a total value of up to $1.5 billion over a seven-year period. The price of the silicon decreases to below $40 per kilogram during the term of the contract.

"We are very excited to have successfully initiated high purity polysilicon production and now welcome the strengthening of our partnership with Suntech," said Tihu Wang, Asia Silicon's CEO.

Asia Silicon is in the ramp up stage of a modern polysilicon plant in Qinghai, China. Asia Silicon initiated production of high purity polysilicon at the end of 2008 and targets to reach 2,000 metric tons of annual production capacity by mid-2009. Tests on the initial products show excellent quality that can meet both solar and electronic grade requirements. The polysilicon plant uses trichlorosilane-based advanced Siemens production process with comprehensive recycling system. Up to 80 percent of the electricity used at the facility will be supplied from renewable energy hydropower sources with a pricing structure that is among the lowest industrial electricity rates in China, according to the press release.

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