Suntech Power Holdings Co (NYSE:STP)

WUXI, China, May 14, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), one of the world's largest producers of solar panels, today announced that it has received a notification from the New York Stock Exchange (the "NYSE") that it has failed to timely file its Form 20-F for the fiscal year ended December 31, 2012 (the "2012 Annual Report"). The Company had previously announced on May 1, 2013 that it required additional time to complete its 2012 Annual Report and will delay the filing beyond the deadline of April 30, 2013. The Company is working diligently to complete these assessments and file restated financials for 2010 and 2011, as well as the 2012 Annual Report, as soon as practicable.

The NYSE has indicated that it will closely monitor the status of the Company's late filing and related public disclosures for up to a six-month period from its due date. If the Company fails to file its annual report within six months from the filing due date, the NYSE may allow the Company's securities to trade for up to an additional six months.

SAN FRANCISCO and WUXI, China, May 2, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) (the "Company" or "Suntech"), one of the world's largest producers of solar panels, today announced preliminary financial results for the fourth quarter and full year ended December 31, 2012.

Preliminary results indicate that Suntech's shipments of photovoltaic (PV) products for the fourth quarter of 2012 declined by approximately 4% from the third quarter of 2012. Revenues in the fourth quarter of 2012 were approximately $358 million, a sequential decline of 8%. Approximately 91% of revenues were generated from the sale of PV modules, and 9% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment. Gross margin in the fourth quarter of 2012 was approximately 0.4%.

In the full year 2012, preliminary results indicate Suntech shipped approximately 1.8GW of PV products, in line with prior guidance. Revenues for the full year 2012 were approximately $1,625 million, a year-over-year decline of 48%. Approximately 92% of revenues were generated from the sale of PV modules, and 8% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment. Gross margin for the full year 2012 was approximately negative 1.4%.

"We are undertaking a number of restructuring initiatives to address Suntech's balance sheet and improve the Company's cost structure and operational efficiency. We are making progress and are evaluating solutions that will take into account the rights and interests of all of our stakeholders. In the meantime, we continue to manufacture and deliver high-quality solar products to our global customers," said David King, Suntech's CEO.

SAN FRANCISCO and WUXI, China, May 1, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) (the "Company" or "Suntech"), one of the world's largest producers of solar panels, today announced preliminary financial results for the fourth quarter and full year ended December 31, 2012.

Preliminary results indicate that Suntech's shipments of photovoltaic (PV) products for the fourth quarter of 2012 declined by approximately 4% from the third quarter of 2012. Revenues in the fourth quarter of 2012 were approximately $358 million, a sequential decline of 8%. Approximately 91% of revenues were generated from the sale of PV modules, and 9% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment. Gross margin in the fourth quarter of 2012 was approximately 0.4%.

In the full year 2012, preliminary results indicate Suntech shipped approximately 1.8GW of PV products, in line with prior guidance. Revenues for the full year 2012 were approximately $1,625 million, a year-over-year decline of 48%. Approximately 92% of revenues were generated from the sale of PV modules, and 8% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment. Gross margin for the full year 2012 was approximately negative 1.4%.

"We are undertaking a number of restructuring initiatives to address Suntech's balance sheet and improve the Company's cost structure and operational efficiency. We are making progress and are evaluating solutions that will take into account the rights and interests of all of our stakeholders. In the meantime, we continue to manufacture and deliver high-quality solar products to our global customers," said David King , Suntech's CEO.

Update on Restructuring Initiatives
Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech")
Wuxi Suntech, the Company's Chinese subsidiary, which is in the process of restructuring, continues to work with the court-appointed administrator and its stakeholders to improve its financial position and outlook. The administrator has scheduled a Wuxi Suntech creditors meeting in Wuxi on May 22, 2013, earlier than previously anticipated, to present and discuss potential solutions.

Suntech Power International Ltd. ("SPI")
SPI, the Company's principal operating subsidiary in Europe, which on April 9, 2013 was granted a provisional moratorium for up to two months on creditor claims, is working closely with the court-appointed administrator and has proposed a new business plan to establish sustainable operations. The Company's intention is that the new business plan will enable SPI to enter a definitive moratorium that would provide a platform to enter discussions with SPI's creditors.

3% Convertible Notes (the "Notes") 
The Company continues its discussions with major holders of the Notes with a view to achieving a consensual restructuring. Suntech previously received a notice of default and acceleration relating to Suntech's non-payment of the principal amount ofUS$541 million that was due to holders of the Notes on March 15, 2013. Suntech has entered into a forbearance agreement with holders of over 60% of the Notes under which the signing bondholders agree not to exercise their rights under the Notes and the related indenture until May 15, 2013, subject to certain market-standard early termination events.

Restatement Update and Delayed Filing of 2012 Annual Report on Form 20-F
On December 7, 2012, the Company announced that it intended to file restated consolidated financial statements for 2010 and 2011 upon the completion of the assessment of the guarantee obligation provided to lenders to a GSF project company in 2010 and the completion of GSF's financial audit. The Company currently anticipates additional time is required to complete the restatement as the reassessment of the related GSF audited financials and other matters have not yet been completed.

As a result of (1) the pending restatement of the Company's consolidated financial statements for 2010 and 2011, and (2) the Company requiring additional time to assess the outcomes of restructuring initiatives at Wuxi Suntech, SPI and of the convertible notes (as discussed above) and the related impact on asset values and other financial metrics, the Company announced that it will delay the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2012 (the "2012 Annual Report") beyond the filing deadline of April 30, 2013. The Company is working diligently to complete these assessments and file restated financials for 2010 and 2011, as well as the 2012 Annual Report on Form 20-F, as soon as practicable. 

The estimates presented in this press release are preliminary, unaudited and subject to further adjustments.

WUXI, China, April 10, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech Holdings" or the "Company") today announced that Suntech Power International Ltd. ("SPI"), the Company's principal operating subsidiary in Europe, has been granted a provisional moratorium for two months on creditor claims by the judicial authorities in Schaffhausen, Switzerland. SPI had applied for the provisional moratorium as a result of over-indebtedness, a requirement under local law and regulations. The majority of SPI's debt is Suntech inter-company debt. The court has appointed an administrator to assess SPI's financial condition and the prospects of reaching a composition agreement with creditors to restructure SPI's outstanding debt. SPI will continue its operations and serve its European customers during this period.

"The goal of the provisional moratorium is to allow time to restructure debt, primarily inter-company debt. During this process, we are committed to continuing to deliver high-quality solar products to our customers in Europe," said David King, Suntech's CEO.

Other than the insolvency and restructuring of Suntech Holdings' Chinese subsidiary Wuxi Suntech Power Co., Ltd. and the SPI composition proceedings, Suntech Holdings is not aware of any similar proceedings regarding any of its other entities.

WUXI, China, April 9, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), one of the world's largest producers of solar panels, today announced that it has been notified by the New York Stock Exchange (the "NYSE") that the Company did not meet the NYSE's price criteria for continued listing standard because, as of April 4, 2013, the average closing price of the Company's American Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day period.

Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's ADSs have a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.

The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. The Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and oversight by the NYSE. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

WUXI, China, March 21, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), or the "Company", today announced that the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China has formally accepted the petition for the insolvency and restructuring of the Company's Chinese subsidiary Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech").

The Court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals, to administer the restructuring of Wuxi Suntech. The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors. The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.

Wuxi Suntech is the Company's principal operating subsidiary in China engaged in the manufacture of photovoltaic (PV) cells and PV modules. Wuxi Suntech will continue operations through the restructuring period. Furthermore, the Company has additional wholly owned or partially owned subsidiaries with cell and module production facilities that continue to produce high quality solar products to meet customer orders. Suntech and the administration committee are committed to maintaining all of Suntech's product warranty obligations.

Suntech Power Holdings Co., Ltd., the ultimate parent company of Wuxi Suntech, has not commenced insolvency proceedings, nor have any of the Company's other principal operating subsidiaries. The Company is not aware of any similar proceedings regarding any of its other entities.

WUXI, China, March 18, 2013 /PRNewswire/-- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company") today announced that it has received from the trustee of its 3% Convertible Notes (the "Notes") a notice of default and acceleration relating to Suntech's non-payment of the principal amount of US$541 million that was due to holders of the Notes on March 15, 2013. Such event of default has also triggered cross-defaults under Suntech's other outstanding debt, including its loans from International Finance Corporation and Chinese domestic lenders.

As previously announced, Suntech has entered into a forbearance agreement with holders of over 60% of the Notes, one of the terms of which is that the forbearing Note holders will cooperate with Suntech in addressing certain legal proceedings that may be initiated against it. Suntech understands that those Note holders have also requested the trustee under the Notes not to take any further action as consensual restructuring discussions continue. Suntech is thus far unaware of any legal proceedings initiated by any Note holders against the Company. Suntech intends to continue to engage with holders of the Notes and other lenders with a view to achieving a consensual restructuring.

Suntech is also continuing its efforts to restructure and increase the cost-efficiency of its operations, maintain business relationships with its existing customers and suppliers, and seek additional sources of capital to meet its ongoing operational requirements and debt repayment obligations. In addition, Suntech is in discussions with certain of its suppliers and lenders relating to various other claims for non-payment or non-performance, which the Company hopes to resolve in a timely manner.

David King, Suntech's CEO, stated, "It is currently a very difficult time for our company and our industry, but the management and board of Suntech are committed to finding a way forward that will take into account the rights and interests of all of its constituents, including shareholders, noteholders, lenders, customers, suppliers and employees. We are currently exploring strategic alternatives with lenders and potential investors, which could help to set us on a path towards longer term success. We appreciate the support and understanding of our various stakeholders as we undertake efforts to implement these measures."

GOODYEAR, Ariz. and WUXI, China, March 12, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, will stop production at its Goodyear, Arizona, solar panel manufacturing facility on April 3, 2013, with forty-three employees affected.

Higher production costs exacerbated by import tariffs on solar cells and aluminum frames imposed by the U.S. government, as well as global solar module oversupply, contributed to the facility's closure. The decision is in line with Suntech's global restructuring efforts to rationalize production capacity and reduce operating expenses by 20 percent in 2013.

"We want to thank our employees in Goodyear for their hard work and professionalism, as well as the Goodyearand Phoenix communities for their steadfast support of Suntech over the past several years," said E.L "Mick" McDaniel, Managing Director of Suntech America. "These are the growing pains of a maturing industry; although it's a tough time to be a solar manufacturer, there's never been a better time to be a solar customer."

On November 7^th, the U.S. International Trade Commission voted to impose unilateral tariffs of 35.97% on Suntech solar cells produced in China, a key component used at Suntech's Goodyear production facility. The tariffs on solar cells came in addition to tariffs imposed by the U.S. government in 2011 on aluminum frames, another key input for solar panel manufacturing. Both tariffs have made it more challenging for Suntech to cost-effectively manufacture solar modules in the U.S.

Suntech's Goodyear, Arizona, manufacturing facility opened in October 2010. The facility reached peak production of 50MW per year in 2011. In November 2012, the facility's production throughput was scaled back to 15MW per year.

"Rationalizing production capacity is necessary to improve our manufacturing utilization and help Suntech to return to profitability," said David King, Suntech's Chief Executive Officer. "We're hopeful that these tough decisions will help put Suntech back on track for growth."

WUXI, China, March 11, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced that it has signed a forbearance agreement with the holders of more than 60% of the Company's 3% Convertible Notes (the "Notes"). Under the forbearance agreement, in the event the Company does not make payments due under the Notes on March 15, 2013, the signing bondholders agree not to exercise their rights under the Notes and the related indenture until May 15, 2013, subject to certain market-standard early termination events.

The forbearance agreement will enable Suntech to continue to work with holders of the Notes with a view to achieving a consensual restructuring.

David King, Suntech's CEO, said, "The forbearance agreement demonstrates bondholders' support for Suntech and provides an excellent platform to further discussions towards a mutually agreeable restructuring of the Notes. We are making progress and are working to find a resolution soon. At the same time, we are continuing our cost and operational review to further improve our efficiency."

WUXI, China, March 7, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd (NYSE: STP) ("Suntech"), one of the world's largest producers of solar panels, today announced that it has settled all outstanding disputes with GSF Capital Pte Limited ("GSF Capital") and Javier Romero in connection with a guarantee provided by GSF Capital to Suntech.

As part of the settlement, GSF Capital will dispose of its entire ownership interest in Global Solar Fund, S.C.A., Sicar (the "Fund") for an agreed consideration and it will no longer have any ownership interest in the Fund. Suntech's equity interest in the Fund will increase from 79.3% to 88.15% and the equity interest owned by Best (Regent) Asia Group Ltd., a company ultimately held by Dr Zhengrong Shi, will increase from 10.7% to 11.85%. Due to the change of control of the Fund, Suntech will consolidate the Fund upon completion of the related equity transfer.

In addition, the court orders obtained by Suntech will be discharged. The settlement does not involve an admission of liability on the part of GSF Capital or Mr Romero.

David King, Suntech's CEO, said, "We are very pleased to have reached this settlement. The new ownership structure will ensure that Suntech has full control of the Global Solar Fund and can manage and operate the Fund's portfolio of solar plants to maximise the value for our stakeholders."

WUXI, China, March 6, 2013 /PRNewswire/ -- The Board of Suntech Power Holdings Co., Ltd. (NYSE: STP) has issued a statement claiming it has purported to remove me as Executive Chairman. I respond as follows:

1. The Board's decision to purportedly remove me was misconceived and unlawful. The Board had no legal basis for doing so, and the decision was invalid and of no effect. The actions taken at this time by the rest of the Board show that they are not focused on the issues most important at hand and are not acting in accordance with the best interest of the Company.

2. I will take all steps necessary to protect the Company from being harmed by unlawful actions such as the above.

3. I am fully committed to continuing to serve the Company as Executive Chairman to the best of my ability and to guide it through these difficult times.

Dr. Zhengrong Shi 
5 March 2013

WUXI, China, January 14, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced that it has regained compliance with the New York Stock Exchange's (NYSE) quantitative continued listing requirements.

In a letter dated January 8, 2013, the NYSE notified the Company that a calculation of Suntech's average stock price for the 30 trading-days ended December 31, 2012 indicated that its stock price was above the NYSE's minimum requirement of $1 based on a 30 trading-day average. In addition, on December 31, 2012, the Company's closing share price was $1.53. The Company will continue to monitor its ongoing compliance with the NYSE's continued listing standards.

WUXI, China, December 13, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, and SunSystem S.p.A., a leading Italian solar engineering, procurement and construction (EPC) company, have signed a contract for Suntech to supply 25 megawatts (MW) of polycrystalline solar panels. The Suntech solar panels will power two new photovoltaic projects under construction inRomania that will be grid connected by the end of 2013.

"We are pleased to collaborate with SunSystem, a leading EPC company in Italy and Romania. Suntech's collaboration with SunSystem marries global expertise with best practices to deliver reliable and cost-effective solar to Romanian communities," said Vincenzo Quintani, South-East Europe Sales Director, Suntech. "This project, along with our recent contract with EDP Renovaveis, underscores the viability of our growth strategy in Eastern Europe."

Davide Scarantino, Managing Director of SunSystem, said, "Our entrance in Romania is part of our strategy to diversify the markets we operate in, and capitalize on our experience and technical knowledge in developing burgeoning solar markets in Europe."

The two power plants will utilize Suntech's 60-cell polycrystalline modules, STP 245-20/Wd, with a improved frame design and more than 15% efficiency, ideally suited for large-scale commercial projects and rooftop installations. The power plants will use Aros Sirio K500 HV-MT inverters made by Italian manufacturer Aros Technology Srl. The installed Suntech solar panels will generate an estimated 30,000 MW-hours of electricity per year.

The power plants will be operated by SunSystem and developed by RoEnergy, a SunSystem company in Romania. Since its inception, SunSystem has installed more than 2,000 solar systems, of which 700 were installed in 2012

SAN FRANCISCO and WUXI, China, December 7, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced preliminary financial results for the third quarter ended September 30, 2012.

Preliminary results indicate that Suntech's shipments of photovoltaic (PV) products for the third quarter of 2012 declined by approximately 10% from the second quarter of 2012. Revenues in the third quarter of 2012 were approximately $387 million, a sequential decline of 18%. Approximately 88% of revenues were generated from the sale of PV modules, and 12% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment. Gross margin in the third quarter of 2012 was approximately 5%. Gross margin benefited from the reversal of a prior provision for anti-dumping tariffs and countervailing duties in the United States of $18 million, which was partially offset by a $13 million provision for purchase commitments related to long-term supply agreements. In the third quarter of 2012, Suntech's operating expenses were approximately $98 million. Operating expenses were impacted by $6 million of legal fees related to GSF and other legal matters; $8 million in restructuring fees associated with the reduction of PV cell production capacity and headcount; and a $6 million impairment of intangible assets.

"In the third quarter, subsidy adjustments led to slower demand in European markets, however, quarterly shipments grew to Suntech customers in China, Japan and Thailand," said David King, Suntech's CEO. "With the soft demand environment expected to persist into early 2013, we have taken decisive steps to right-size production capacity and streamline operations, which will reduce production cost and operating expenses over time. We are also working with our banking partners and bondholders to ensure we have a capital structure that will enable Suntech to be successful in the current challenging industry environment. We are confident that these initiatives will strengthen our business and enable us to improve profitability as the market recovers."

Suntech expects shipments of PV products in the fourth quarter of 2012 to decline by a low single digit percentage compared to the third quarter of 2012. The gross margin in the fourth quarter of 2012 is expected to be slightly negative. Suntech now expects 2012 annual PV shipments to be in the range of 1.7GW to 1.8GW, compared to previous guidance of 1.8GW to 2.0GW.

The estimates presented in this press release are preliminary, unaudited and subject to further adjustments. The actual results could turn out to be higher or lower.

a

SAN FRANCISCO, October 11, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, offers the following statement regarding the U.S. Department of Commerce's (DOC) final determination to impose countervailing duties (CVD) of 14.78% and anti-dumping duties (AD) of effectively 21.19% on Suntech's crystalline silicon photovoltaic cells imported from China.

"Unilateral trade barriers will not make any one company more competitive, but will make solar less competitive against other forms of electricity generation. These ill-conceived taxes on solar products were the outcome of an unrealistic analysis that compared, for example, Suntech's costs of production to the theoretical costs of production in Thailand, a country with less than 100MW of PV production capacity. It's unfortunate that the process works this way; however, Suntech is well-prepared for the future and to serve the needs of our customers," said E.L. "Mick" McDaniel, Managing Director of Suntech America.

"As a multinational company with global supply chains and manufacturing facilities in three countries, including Goodyear, Arizona, we will continue to provide our customers in the U.S. with hundreds of megawatts of high-quality and affordable solar products that will not be subject to tariffs," continued Mr. McDaniel.

"The growth of destructive trade barriers represents a significant, long-term challenge to the health of the solar industry in the U.S. and globally. Nobody benefits from a global solar trade war except for those who want a less competitive solar industry," concluded Mr. McDaniel.

SCHAFFHAUSEN, Switzerland, October 8, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, and EDP Renovaveis have signed a contract for Suntech to supply 39 megawatts (MW) of polycrystalline solar panels. The Suntech solar panels will power four new photovoltaic projects under construction in Romania that will be connected between late 2012 and early 2013.

"We are pleased to cooperate with one of the most prominent players in the Spanish and Portuguese energy market, and a leader in the renewable energy sector. EDP shares our vision to drive the adoption of renewable energy through the provision of high-quality, affordable solar products," said Vedat Gurgeli, Managing Director of Suntech Europe.

"It's exciting and motivating to see companies like EDP Renovaveis focused on growing their portfolio of solar installations around the world. Suntech is proud to be selected for these first major solar projects inRomania," said Alejandro Moreno, Suntech's Country Head for Spain and Portugal.

WUXI, China, September 21, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), the world's largest producer of solar panels, today announced that it has been notified by the New York Stock Exchange (the "NYSE") that the Company did not meet the NYSE's price criteria for continued listing standard because, as of September 10, 2012, the average closing price of the Company's American Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day period.

Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's ADSs have a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.

The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. The Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and oversight by the NYSE. Suntech is currently in compliance with all other NYSE quantitative continued listing standards. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

WUXI, China, Sept.17, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company") today announced that in order to reduce production cost and operating expenses, the Company has temporarily closed a portion of its solar cell production capacity in Wuxi, China and will continue to optimize its organization.

David King, Suntech's CEO, said, "In this rapidly evolving solar market, it is crucial to evaluate market trends and adapt our business to suit. In light of the preliminary U.S. anti-dumping tariff, the European anti-dumping investigation, and oversupply of solar modules, we have decided to right-size our production capacity and continue to optimize our organization. With a smaller manufacturing base we will be able to lower production cost, increase utilization rates and improve product performance. With these and other initiatives we target to create a sustainable business model and return to positive operating cash flow in 2013."

Post the restructuring, Suntech's operational solar cell capacity will temporarily be reduced to 1.8GW, module capacity will remain at 2.4GW and wafer capacity will remain at 1.6GW. The consolidation of solar cell capacity is expected to affect approximately 1,500 employees in China. The majority of employees will be offered positions at other production facilities and severance packages will be provided to all others. The restructuring initiatives are expected to substantially improve the utilization rate of solar cell production facilities. In addition, Suntech's panel cost is expected to improve as production will be concentrated at the Company's highest efficiency, lowest cost manufacturing facilities.

Suntech is on track to reduce its operating expenses (excluding non-recurring items) by 20% in 2012 compared with 2011. Impairments related to the closure of facilities, severance payments and other related expenses are currently being assessed and will be disclosed in the Company's third quarter 2012 earnings report

SCHAFFHAUSEN, Switzerland, September 5, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels and Solarstrom AG, a provider of high quality photovoltaic power plants, based in Freiburg, Germany, have signed a contract for Suntech to supply approximately 26 megawatts (MW) of monocrystalline and polycrystalline solar panels, which will be used for new power plants in Germany.

"We are pleased to continue our strong working relationship with Solarstrom AG, an industry pioneer and a successful publicly-listed company, which has provided PV power plant services for 14 years," said Vedat Gurgeli, Vice President Sales and Marketing of Suntech Europe.

Dr. Karl Kuhlmann, CEO of Solarstrom AG, comments: "Suntech offers modules of a proven high-quality standard, which can also be well financed when deployed in projects - these were important criteria for us when we decided on Suntech as a supplier. The quality of modules ultimately defines the yield of a system. And as our customers expect reliable revenue, we are not prepared to compromise. In addition, the funding of projects is an important prerequisite for successful sales".

SAN FRANCISCO and WUXI, China, August 31, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, today announced preliminary financial results for the second quarter ended June 30, 2012.

Preliminary results indicate that Suntech's shipments of photovoltaic (PV) products for the second quarter of 2012 increased by approximately 33% from the first quarter of 2012, higher than previous guidance of a 20% increase in PV shipments. Revenues in the second quarter of 2012 were approximately $471 million, a sequential increase of 15%. Approximately 93% of revenues were generated from the sale of PV modules, and 7% of revenues were generated from the sale of PV systems, cells, silicon wafers and production equipment.

Gross margin in the second quarter of 2012 was approximately negative 10%. Gross margin was impacted by a non-cash inventory provision of $76 million. The impact of the non-cash inventory provision on gross margin was 16%.

In the second quarter of 2012, Suntech's operating expenses were approximately $133 million. Operating expenses were impacted by a $56 million non-cash provision related to a prepayment for a long-term supply contract, which Suntech is currently disputing. Suntech generated positive operating cash flow of approximately $5 million during the quarter.

David King, Suntech's CEO, said, "In the second quarter, greater demand from European markets,China, Japan and Australia drove sequential shipment growth, and we continued to progress towards our annual cost targets. However, the global imbalance between supply and demand, and the challenging price environment continue to impede profitability."

"As we are operating in a highly competitive market, it is extremely important to focus on financial and operational discipline. In the second half of this year, we will continue to drive down cost, negotiate better terms with our suppliers, and stringently manage working capital," continued Mr. King. "We will also manage the balance between price and volume in order to improve margins. For that reason, we have decided to reduce our annual shipment target to the range of 1.8GW to 2.0GW."

"While the current climate is very challenging for solar manufacturers, there has never been a better time to be a solar customer and we are optimistic about the long-term growth potential of the solar industry. With roughly seven gigawatts deployed in more than 80 countries, Suntech has the right experience, scale, and people to lead the industry through the current instability," added Mr. King.

Suntech expects shipments of PV products in the third quarter of 2012 to be relatively flat with the second quarter of 2012. The gross margin in the third quarter of 2012 is expected to be in the low single digits. Suntech now expects 2012 annual PV shipments to be in the range of 1.8GW to 2.0GW, compared to previous guidance of 2.1GW to 2.5GW.

Mr. King noted, "We are continuing to pursue a number of options to refinance our 2013 convertible notes and intend to address this issue in the near future. In addition, we are making good progress with our due diligence of GSF assets and we will provide an update when we have new developments."

The estimates presented in this press release are preliminary, unaudited and subject to further adjustments. The actual results could turn out to be higher or lower. In July, Suntech announced that it is conducting an investigation into a security interest the Company received in connection with its investment in Global Solar Fund, S.C.A., Sicar. Suntech is currently assessing the potential impact of the GSF investigation and its dispute with a supplier on its consolidated financial statements and is not in a position to provide additional financial data at this time. The Company intends to publish its consolidated financial statements once the financial assessment is complete later in 2012 and will continue to inform investors of any material developments in a timely manner.

WUXI, China, July 30, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company") today announced that the Company is conducting an investigation into a security interest Suntech received in connection with its investment in Global Solar Fund, S.C.A., Sicar ("GSF"). Based on recent review and inquiries, Suntech suspects that the collateral related to the security interest may not have existed and the Company may have been a victim of fraud.

In May 2010, Suntech guaranteed payment obligations related to finance facilities provided to an investee company of GSF in the amount of approximately EUR554.2 million. As security for the Company's obligations under the guarantee, Suntech received a pledge of German government bonds (the "Bonds") in the amount of EUR560.0 million from GSF Capital Pte Ltd., a third-party investor of GSF. The Company's investment in GSF is discussed in the Company's 2011 Annual Report on Form 20-F, including on pages 98 to 99 and F-29 to F-30. As part of Suntech's initiative to monetize its investment in GSF, the Company engaged outside counsel to review and assist the process. As a result of these efforts, the Company's outside counsel recently noted certain facts and circumstances suggesting that the Bonds may not have existed and Suntech may have been a victim of fraud.

Dr. Zhengrong Shi, Suntech's chairman and CEO said, "We are very disappointed that this has occurred and it has the highest level of attention from the Company and the board, including the Audit Committee. There is no indication that management had any involvement, and we are vigorously pursuing all avenues to resolve this matter and ensure that we protect the interests of our shareholders."  Full release.

SCHAFFHAUSEN, Switzerland, July 3, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, and IBC SOLAR, a leading global specialist in photovoltaic systems, today announced an agreement for Suntech to supply 50 megawatts (MW) of solar panels through the end of 2012. The agreement was recently inked after Intersolar Europe.

Suntech and IBC SOLAR began their successful partnership in 2004 with the joint goal to provide quality solar systems to resellers and installers. With this new agreement, the companies will continue to build on their solid, long-term relationship.

"Some of the criteria that we use to qualify products and brand partners include technology expertise, recognized certifications, consistent quality and long-term product availability," said Norbert Hahn, member of the board of IBC Solar. "More specifically, we value module manufacturers who invest in research and development to continuously enhance product performance and to deliver the most robust solar modules available on the market. Suntech fulfills all of these criteria and we are delighted to continue our strong partnership."

IBC SOLAR and Suntech have continuously expanded their partnership to deliver quality solar systems worldwide. The companies have worked together on a number of high-profile rooftop installations, including the New Fair Stuttgart (Germany) with a total capacity of 3.45MW as well as power plants in Osyan (India) and Warora (India) both with capacities of 5.75MW.

"Working closely with reliable and high-value business partners such as IBC SOLAR is central to our long-term strategy," explained Vedat Gurgeli, VP Sales and Marketing for Suntech Europe. "The combination of our high-quality products with the local knowledge and experience of our partners provides a good recipe for success."

First Quarter 2012 Results

• Total net revenues were $409.5 million.
• Total PV shipments decreased 26.9% sequentially and 22.1% year-over-year.
• Gross profit was $2.4 million and gross margin was 0.6%. Gross profit and gross margin were impacted by a provision for preliminary U.S. countervailing and anti-dumping duties of $19.2 million, or 4.7% of revenues.
• Net loss attributable to holders of American Depository Shares (ADS) was $133.0 million, or $0.74 per diluted ADS compared to  net income of $31.9 million, or $0.17 per diluted ADS, for the first quarter of 2011.
• Improved accounts receivable and inventory by $65.2 million from the fourth quarter of 2011.
• Cash and restricted cash totaled $663.8 million as of March 31, 2012.

"First quarter shipments were 27% lower than our fourth quarter shipments, which is better than our previous projection of a 30% decline. The sequential decrease in shipments was primarily due to limited inventory on hand early in the quarter and a planned reduction in our production level over Chinese New Year," said Dr. Zhengrong Shi, Suntech's chairman and CEO. "During the quarter, we reduced our total production cost by 6% sequentially, despite lower utilization, and maintained a healthy cash balance."

"Cost reduction continues to be the top priority for our business and we have outlined a clear roadmap for the remainder of the year. Suntech's differentiated technology development capability will play a vital role in driving ongoing cost reduction. For example, we recently launched a powerful 310 watt solar panel and a slim frame 60-cell panel, which has been designed to be one of the lightest in the industry. Innovations such as these increase system power output, lower shipping costs and improve ease-of-installation. Our innovation-based product development will reduce cost without compromising quality, and generate value for our customers."

Commenting on the second quarter outlook, Dr. Shi said, "We anticipate more than 20% sequential growth in shipments in the second quarter as demand for high performance, bankable product increases across all our markets. Operationally, we will continue to streamline our wafer and module manufacturing operations, reduce cost and focus on cash management. These initiatives will further improve our financial position and set the platform for future growth."

Business Outlook

Suntech expects shipments in the second quarter of 2012 to increase by more than 20% from the first quarter of 2012.

Gross margin in the second quarter of 2012 is expected to be in the range of 3% to 6%.

For the fiscal year ending December 31, 2012, Suntech maintains the guidance for shipments to be in the range of 2.1GW to 2.5GW.

Suntech expects to maintain cell and module production capacity at 2.4GW and wafer capacity at 1.6GW in 2012. Full year 2012 capital expenditures are expected to be in the range of $120 million to $150 million. Capital expenditures will primarily be related to payments for equipment and services already received, and technology upgrades to production lines.

SAN FRANCISCO, May 18, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, offers the following statement regarding the U.S. Department of Commerce's preliminary decision to impose antidumping duties (AD) of 31.22% on Suntech's crystalline silicon photovoltaic cells imported from China.

"These duties do not reflect the reality of a highly-competitive global solar industry. Suntech has consistently maintained a positive gross margin as revenues are higher than our cost of production. We will work closely with the Department of Commerce prior to their final decision to demonstrate why these duties are not justified by fact," said Andrew Beebe, Suntech's Chief Commercial Officer.

"As a global company with global supply chains and manufacturing facilities in three countries, including the United States, we are providing our U.S. customers with hundreds of megawatts of quality solar products that are not subject to these tariffs," continued Mr. Beebe.

"Despite these harmful trade barriers, we hope that the U.S., China and all countries will engage in constructive dialogue to avert a deepening solar trade war. Suntech opposes trade barriers at any point in the global solar supply chain. All leading companies in the global solar industry want to see a trade war averted. We need more competition and innovation, not litigation," continued Mr. Beebe.

SCHAFFHAUSEN, Switzerland, May 15, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, and Krannich Solar, a leading value added distributor of complete systems, components and pre-packaged systems, announced an agreement for Suntech to supply up to 120 megawatts of solar panels in 2012.

Under the terms of the agreement, Suntech and Krannich Solar will continue to build on their solid relationship, going back to 2007, to provide high quality solar systems for resellers and installers throughout Europe and Australia.

"Over the past few years, we have noticed a clear trend where end-customers are increasingly choosing proven and reliable products to secure their solar investments," said Vedat Guergeli, Vice President Sales and Marketing, Suntech Europe. "We're excited to continue our strong relationship with Krannich Solar as we both share the same dedication to quality and product performance and are focused on building a strong local presence and consumer trust."

Founded in 1995, Krannich Solar is one of the top five PV systems providers in Europe today. Krannich Solar's range of solar products is guided by one key principle: each and every product is put through its paces in terms of testing and quality. Products and components are included only if they are error-free and work perfectly with one another.

"We have always focused on quality - even at the peak of the solar market boom - and this strategy has been successful," said Kurt Krannich, founder of Krannich Solar. "For us, it is of the upmost importance to cooperate with global solar brands, like Suntech, that are renowned for reliability and quality."

Fourth Quarter 2011 Highlights

• Total net revenues were $629.0 million.
• Total PV shipments decreased 9.7% sequentially and increased 3.2% year-over-year.
• Gross profit margin was 9.9%.
• Net loss attributable to holders of American Depository Shares (ADS) was $136.9 million, or $0.76 per diluted ADS.
• Improved accounts receivable and inventory by $489.6 million from the third quarter of 2011.
• Generated positive operating cash flow of $240.1 million.

"In the fourth quarter, our customers continued to demonstrate their preference to work with global suppliers that are dedicated to delivering high performance and superior quality solar panels," said Dr. Zhengrong Shi, Suntech's chairman and CEO. "With strong demand ahead of subsidy reductions in multiple markets, we again exceeded our shipment guidance and met our gross profit target for the fourth quarter of 2011."

"In 2011, we continued to invest in our customer service capabilities and built on our foundation as a leading global brand. This was recognized in the EuPD's independent survey amongst end-customers in Germany,France and Italy that selected Suntech as the first China-based company to receive the Top PV Brand award. We are committed to driving further product and service innovation in the industry to ensure we continue to deliver the best value proposition to our customers.

"Looking into 2012, we expect excess capacity and further policy adjustments in Europe and the U.S. will result in a sustained period of intense competition in the solar industry. In this context, our top priorities are to continue to drive down our production cost, invest in channel development and bring to market the most competitive product offerings. These actions will help us maintain our position as the leading supplier of solar products."

Business Outlook

As a result of lower than expected inventory level and seasonal weakness in demand, Suntech expects shipments in the first quarter of 2012 to decline by approximately 30% from the fourth quarter of 2011. Gross margin in the first quarter of 2012 is expected to be in the range of 3% to 6%. For the fiscal year ending December 31, 2012, Suntech expects shipments to be in the range of 2.1GW to 2.5GW. Suntech expects to maintain cell and module production capacity at 2.4GW and wafer capacity at 1.6GW in 2012. Full year 2012 capital expenditures are expected to be in the range of $120 million to $150 million.

SAN FRANCISCO and WUXI, China, February 17, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, today announced preliminary financial results for the fourth quarter and full year ended December 31, 2011.

Suntech exceeded shipment guidance for the fourth quarter of 2011. The Company previously expected shipments to decline by approximately 20% from the third quarter of 2011, but currently anticipates shipments to decline by approximately 10% from the third quarter of 2011. Revenues in the fourth quarter of 2011 are expected to be in the range of $610 million to $630 million. Gross margin is expected to be in the middle of the previously guided range of 9% to 11%.

Suntech expects shipments for the full year 2011 to be approximately 2.09GW, above previous guidance of 2GW. Revenues for the full year 2011 are expected to be in the range of $3.13 billion to $3.15 billion.

In the fourth quarter of 2011, due to continuing stringent working capital management, Suntech significantly reduced accounts receivable and inventory by a total of approximately $450 million, which was partially offset by an approximate $85 million decrease in accounts payable. This result exceeds Suntech's stated goal to reduce accounts receivable and inventory by a total of $200 million in the fourth quarter of 2012. Net debt declined by approximately $200 million in the fourth quarter of 2011. Cash and restricted cash increased from $567.7 millionas of September 30, 2011 to over $700 million as of December 31, 2011.

Dr. Zhengrong Shi, Suntech's Chairman and CEO, said, "Our sales and operations teams both performed well in the fourth quarter, enabling us to achieve key goals and improvements across our business. We exceeded shipment guidance and improved our cash position through ongoing management of accounts receivable and inventory. We also completed the impairment assessment for the third quarter of 2011. The charges that we incurred were all non-cash and will not impact our operations moving forward. We will continue to implement the initiatives necessary to maintain our position as the leading supplier of solar panels."

Third Quarter 2011 Results

Second Quarter 2011 Results

• Total net revenues for the second quarter of 2011 were $830.7 million, compared to $877.0 million in the first quarter of 2011 and $625.1 million in the second quarter of 2010.
•  Non-GAAP net loss in the second quarter of 2011 was $33.8 million, or $0.19 per diluted ADS vs. Non-GAAP net income of $5.8 or $0.03 per diluted ADS.

We require a significant amount of cash to fund our operations, especially prepayments and loans to suppliers to secure our polysilicon and silicon wafer requirements. We also require cash generally to meet future capital and capacity expansion requirement, which are difficult to plan in the rapidly changing PV industry.

In 2009 and 2010 we financed our operations primarily through short-term and long-term bank borrowings, proceeds from the follow-on offering of ADSs in May 2009, and $50 million convertible loan received from the IFC, a member of the World Bank Group, in June 2009.

We believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures for at least the next 12 months. We may, however, require additional cash to repay existing debt obligations or to re- finance our existing debts or due to changing business conditions or other future developments.

In 2009 and 2010 we financed our operations primarily through short-term and long-term bank borrowings, proceeds from the follow-on offering of ADSs in May 2009, and $50 million convertible loan received from the IFC, a member of the World Bank Group, in June 2009.

Capital Expenditures

We made capital expenditures of $337.5 million, $142.6 million, and $335.6 million in 2008, 2009, and 2010, respectively. In the past, our capital expenditures were used primarily to purchase manufacturing equipment to expand our manufacturing lines for the production of PV cells and modules. A large portion of our capital expenditures in 2008 were also used to acquire land use rights for the building of manufacturing facilities. We estimate that our capital expenditures in 2011 will be approximately $250.0 million to $270.0 million, which will be used primarily for the expansion of our internal ingot, wafer, and PV cell capacities, as well as further investment in the capacity of modules based on high efficiency Pluto technology. We plan to fund the balance of our 2011 capital expenditures substantially with cash generated from operations and borrowing from third parties.

First Quarter Results:

• Total net revenues were $877.0 million in the first quarter of 2011, representing a sequential decrease of 7.2%, and an increase of 49.1% year-over-year.
• Total PV shipments decreased 3.1% sequentially, and increased 62.9% year-over-year.
• Consolidated gross profit margin was 19.0% in the first quarter of 2011, compared to 16.2% in the fourth quarter of 2010 and 19.5% in the first quarter of 2010.
• Net income attributable to holders of ordinary shares was $31.9 million, or $0.17 per diluted American Depository Share (ADS). Each ADS represents one ordinary share.
• Suntech achieved 2.2GW of PV cell and module capacity, and 1GW of silicon ingot and wafer capacity as of the end of the first quarter of 2011.

Mr. David W. King succeeded Ms. Amy Zhang as Chief Financial Officer in May 2011.

"The first quarter of 2011 was a solid quarter that demonstrated the resilience of Suntech's business model under challenging market conditions," said Dr. Zhengrong Shi, Chairman and CEO. "Despite a slight sequential decline in our shipments related to policy uncertainty in Italy, a long winter in Germany and first quarter seasonality, we improved our gross margin from the fourth quarter and continued to diversify our sales across global markets. These outcomes reflect our ongoing efforts to enhance our competitiveness, mitigate policy risk, and position Suntech to increase our share in high-growth emerging markets. In particular, we were pleased to see greater demand in the Chinese solar market during the first quarter."

In the second quarter of 2011, Suntech expects low single digit growth of PV shipments and relatively flat gross margin compared with the first quarter of 2011.

For the fiscal year ending December 31, 2011, Suntech reiterates shipment guidance of 2.2GW of solar products. Due to pricing pressure, Suntech has revised its full year revenue guidance to a range of $3.3 billion to $3.5 billion, subject to changes in foreign exchange rates. Consolidated gross margin for the full year 2011 is now expected to be in the high teens.

Suntech expects to achieve 2.4GW of installed cell and module production capacity by the end of the second quarter 2011, of which 600MW of PV cell capacity will be owned and operated by a joint venture. Suntech expects to achieve 1.2GW of installed wafer capacity by the end of 2011. Full year 2011 capital expenditure expectations are maintained in the range of $250 million to $270 million.

Fourth Quarter Revenue:

• Total net revenues were $945.1 million in the fourth quarter of 2010, representing growth of 27.1% sequentially and 61.9% year-over-year.
• Gross profit margin for the core wafer to module business was 17.4% in the fourth quarter of 2010.
• Consolidated gross profit margin was 16.2% in the fourth quarter of 2010.
• Net income after taxes before non-controlling interest and equity in earnings of affiliates was $61.1 million in the fourth quarter of 2010.
• Net income attributable to holders of ordinary shares was $383.4 million, or $2.02 per diluted American Depository Share (ADS). Each ADS represents one ordinary share.

"2010 was another landmark year for Suntech and the solar industry," said Dr. Zhengrong Shi, Chairman and CEO. "We surpassed our shipment and revenue targets by setting new solar industry records for both quarterly and annual solar panel shipments.

For the fiscal year ending December 31, 2011, Suntech expects to ship at least 2.2GW of solar products and generate revenues of $3.4 billion to $3.6 billion, subject to changes in foreign exchange rates.

Third Quarter 2010 Highlights

• Total net revenues were $743.7 million in the third quarter of 2010, representing growth of 19.0% sequentially and 57.2% year-over-year.

• Total PV shipments increased 25.3% sequentially and 107.1% year-over-year.

• Gross profit margin for the core wafer to module business was 18.2% in the third quarter of 2010.

• Consolidated gross profit margin was 16.4% in the third quarter of 2010.

• GAAP net income attributable to holders of ordinary shares was $33.1 million, or $0.18 per diluted American Depository Share (ADS) vs. $0.16.Each ADS represents one ordinary share.

"The third quarter was a highly productive period for Suntech," said Dr. Zhengrong Shi, Chairman and CEO.  "Shipments and revenues each hit new quarterly records and we reached production capacity of 1.6GW. We are on track to achieve our goal of 1.8GW cell and module capacity by the end of this year."

"In the third quarter, we continued to diversify our sales globally and participated in high profile solar projects across Europe, the Americas, and Asia Pacific. In Europe, we supplied a 5MW project in Thiva, which is one of the largest grid connected solar projects in Greece. In Asia Pacific, we were selected for phase two of a 44MW project in Thailand. And we recently opened our module manufacturing facility in Goodyear, Arizona, which will help us to service the accelerating demand in the Americas.  Indicative of our rapid market penetration, we sold more product in the Americas in the third quarter of 2010 than we did in the full year 2009," Dr. Shi continued.

"We are also pleased to announce we are in the process of extending our vertical integration into the wafer segment of the solar value chain. As we expand our internal wafer manufacturing capacity, we are confident we will have an improving earnings profile as we benefit from lower wafer cost. Upstream integration is in line with Suntech's strategy to continue to reduce the cost of solar energy and stimulate greater global adoption of clean, renewable energy," said Dr. Shi.

Business Outlook

In the fourth quarter of 2010, Suntech expects at least 10 percent sequential growth in shipments.  Suntech targets to ship more than 1.5GW of solar products in 2010, representing year-over-year growth of at least 113%.

Consolidated gross margin in the fourth quarter of 2010 is expected to be approximately 17%, which is based on an assumed exchange rate of 1.35USD to the Euro.

GSF is in the process of constructing a further 140MW of projects, of which at least 80MW are expected to be completed in the fourth quarter of 2010. As a result Suntech expects that the fair value of those projects will increase significantly and Suntech will recognize a related gain in earnings of affiliates in the fourth quarter of 2010. As each of the economics and timing of completion of these projects is different it is difficult to provide an accurate estimation of the gain at this time.

Full year 2010 capital expenditures are expected to be approximately $350 million. Suntech targets to achieve 1.8GW of installed cell and module production capacity by the end of 2010.

Suntech expects third quarter 2009 shipments to be more than 50% above the second quarter 2009. Gross margin in the third quarter of 2009 is expected to be relatively flat compared to the second quarter of 2009.

Suntech expects shipments in the fourth quarter of 2009 to be slightly lower than the third quarter of 2009 due to seasonality. As a result, Suntech has revised full-year 2009 shipment expectations to approximately 600MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until demand visibility improves. Suntech expects capital expenditures to be in the range of $100 million to $120 million in 2009.

Source: PR Newswire (August 20, 2009)

''Considering the impact of seasonality, global economic headwinds, a contraction in PV project financing and falling sales prices, which greatly affected companies throughout the solar industry, we are pleased to have achieved revenues only 24% below the fourth quarter of 2008. This indicates the flexibility of Suntech's business model and customer preference for Suntech products,' said Dr. Zhengrong Shi, Suntech's Chairman and CEO. 'We are also pleased to have delivered a substantial sequential improvement in our gross margin, which demonstrates the success of our initiatives to reduce raw material costs and improve our non-silicon cost structure.''

''Suntech expects moderate revenue growth in the second quarter of 2009. Suntech expects full-year 2009 shipments to be in the range of 600MW to 700MW reflecting a constrained project financing environment and the resultant limited demand visibility. Suntech intends to hold PV cell production capacity at 1GW in 2009 until demand visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009.''

These statements constitute 'forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements, and includes our ability to maintain profitability in 2009, our ability to address demand growth in each of China, Japan and the U.S., the ability of GSF and Gemini Solar to close transactions in their related pipelines, our ability to develop new technology in collaboration with the Swinburne University of Technology, estimated Q2 2009 revenue and gross margin, and estimated full year 2009 shipments and capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

GeoNote®

On February 20, 2009, in spite of adverse market conditions and ongoing discussions, the Company received a letter from DC Chemical Co., Ltd., one of the Company’s suppliers of polysilicon, alleging that a subsidiary of the Company had failed to remit advance payments on January 27, 2009 and February 1, 2009 under the terms of its long term supply agreements. While the Company does not believe it has breached the agreements, it intends to continue to engage in discussions with DC Chemical Co., Ltd. to reach an amicable resolution to the matter. The Company believes that even excluding amounts of polysilicon under the long term supply agreements with DC Chemical, the Company has adequate alternative supplies of polysilicon and wafers to meet its requirements.

Source: SEC Form 6K (February 23, 2009)

Guidance Report:

First Quarter Fiscal 2009 Guidance Ending March

Source: PR Newswire (February 18, 2009)