Chinese solar panel producer Suntech Power Holdings Company Ltd. (STP) continues on its journey to generate greener power by trapping solar energy for the benefit of its customers and partners. In the process, Suntech has reached the milestone of manufacturing five gigawatts (“GW”) of solar panels since its inception in 2001.
The five GW of installed solar panels will lower the emission of 3.78 million tons of green house gas in the environment per year, which is equivalent to planting 9 million trees. Given the huge environmental benefits, the demand for solar panels is steadily on the rise and the company is fully geared to meet this end by spurring production to 10 GW of solar panels within the next two years.
The solar panels created by Suntech are able to generate solar power in any kind of climatic condition, be it sunny deserts, snow covered rooftops or the salty coastal areas. In the past decade Suntech has assisted 1 million people around the globe, residing primarily in off-grid regions, with reliable access to basic electricity and has set a target to provide basic electricity access to 20 million people by 2020.
Recently, the company has introduced two new variants of solar panels namely,HiPerforma Pluto Vdm-295 and HiPerforma Wdm-245, in Europe. These two variants have higher efficiency with lower temperature coefficients and higher power output per watt. We believe these products will boost the top line of the company.
In 2011, Suntech aims to ship 2.2 GW of photovoltaic (PV) cells, substantially up from the year-ago level of 1.57 GW. Germany and Italy are the key markets for the company in Europe and the United States also remains for Suntech a major destination.
We appreciate Suntech's vision to provide access to greener power to more and more sections of the populace worldwide. Such efforts not only reduce the emission of green house gas but lower the dependence on fossil fuels and nuclear power for energy generation.
Suntech Power currently retains a Zacks #3 Rank, which translates into a short-term Hold Rating. The company provides a tough competition to First Solar Inc. (FSLR) and ReneSola Ltd. (SOL).
Based in Wuxi, China, Suntech Power Holdings Company Ltd. is a solar energy company that designs, develops, manufactures and markets a variety of photovoltaic cells and modules, including a broad range of value-added building-integrated photovoltaics products.
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