Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of solar panels, and solarhybrid AG (ISIN:DE000A0LR456), a leading solar project developer, announced a strategic partnership for the supply of up to 190MW of solar panels to solarhybrid in 2011.
Under the terms outlined in the agreement, Suntech will become solarhybrid's key partner and will supply solar panels for the majority of solarhybrid's German project pipeline in 2011. Five solar power plants, which solarhybrid is developing in Germany, will be equipped with 172MW of Suntech solar panels. Two additional projects that solarhybrid is currently developing in Italy (10MW) and Slovakia (6MW) will also be powered by Suntech solar panels.
The strategic partnership builds on Suntech and solarhybrid's collaboration on the 24.2 MW Finow Tower I project in Germany in 2010.
"As the world's largest producer of solar panels, Suntech is a strong partner and we already have an established track record of fruitful collaboration," explained Tom Schroeder, CEO of solarhybrid AG. "For successful international solar projects we need reliable partners who can deliver high efficiency solar panels, and industry leading warranty and performance – in a word, we need 'bankability'. Suntech delivers all of these elements and that's why we're pleased to expand our relationship."
Vedat Guergeli, Vice President of Sales & Marketing of Suntech Europe said, "We are very pleased to develop even closer cooperation with solarhybrid. That this well-established and successful project developer trusts Suntech modules validates our strategy of focusing on product reliability and superior customer support."
