Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s largest crystalline solar panel manufacturer, has announced a string of major solar farm projects in China recently.
A couple of weeks ago, the company unveiled a number of strategic agreements with Shaanxi , Shizuishan, Qinghai and Panzhihua local governments to develop 300MW, 500MW, 500MW and 500MW of solar projects respectively. These projects, totalling 1.8GW, are expected to be developed in several stages.
Suntech announced last week the company as inked an agreement with China Huadian New Energy Development Co., Ltd. (HNE) to develop a total of 500MW of utility-scale and commercial roof-top solar farm projects in China’s western provinces over the next three years.
The company also recently entered into a strategic agreement with China Energy Conservation Investment Corporation (CECIC) to develop solar projects over the next five years.
Yet another recent feather in Suntech’s cap was the news its Chairman and Chief Executive Officer, Dr. Zhengrong Shi, received the 2009 World Technology Award for Energy for his innovative work to develop solar technology and promote the adoption of solar energy.
After a somewhat roller coaster year on the markets, China’s massive new solar incentive program that provides up to 50% government funding on new solar farms has given shares in Suntech and other China-based solar panel manufacturers a major boost and provided an influx of local contracts for the companies. Suntech shares have been up by as much as 50% as a result of China’s increased drive towards a renewable energy future and are expected to continue to perform strongly.
