Suntech Power Holdings Co., Ltd., one of the world's leading manufacturers of photovoltaic (PV) cells and modules, recently announced an agreement with ReneSola Ltd, a leading manufacturer of wafers for the photovoltaic industry, to purchase 510MW of silicon wafers over a four-year period beginning in January 2008.
"We are very pleased to announce this expanded relationship with our long time supplier ReneSola, a rapidly growing producer of high quality silicon wafers," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This agreement demonstrates Suntech's ability to continue to secure a high volume of silicon despite the industry shortage."
Dr. Shi added, "These silicon wafers will supplement our already healthy and diversified supply outlook for the next four years as well as enable us to increase our production of high efficiency solar cells and achieve our market expansion goals faster than we originally anticipated."
Mr. Xianshou Li, ReneSola's CEO, said: "We are excited to expand our long term strategic relationship with Suntech, one of the global leaders in the solar industry. We consider Suntech to be one of our long term cornerstone customers and hope to grow together successfully as we focus on rapidly expanding our capacity to deliver high quality wafers."