Suntech Completes Investment in Nitol Solar
Suntech Power Holdings Co., Ltd. (STP ), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, announced it has completed the final round of its $100 million in aggregate purchase of a minority interest in Nitol Solar , an independent polysilicon producer. Suntech also announced it was pleased with the test results from the initial batches of polysilicon that it has received from Nitol. The investment will help Nitol Solar to continue the construction of its new production facilities in Irkutsk, Russia and achieve its projected annual polysilicon capacity of 3,700 tons in 2009.
Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Nitol Solar manufactures key chemical components for the solar energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk region of Russia. Nitol Solar’s current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar’s aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry.
