Suntech established Shenzhen subsidiary
Suntech Power Holdings Co. Ltd., a manufacturer of photovoltaic (PV) cells and modules, announced in a statement that it has formed a new subsidiary, Shenzhen Suntech Power (Stock) Co., Ltd, to promote and develop solar power grid integration projects.
''The new company will provide us with additional promotional and technical service capabilities in Southern China and allow us to take advantage of the Shenzhen government's support of solar energy applications,” said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
Shenzhen Suntech, which is expected to begin operations by the end of 2006, will promote solar power grid integration projects in Southern China through a commercially funded business model.
Suntech recently announced plans to establish manufacturing and R&D facilities concentrating on new thin film solar technologies and value-added PV solutions in Shanghai. These facilities are expected to begin generating revenue in 2008.