Suntech Announces Developments with Respect to Global Solar Fund Assets in
WUXI, China, Sept. 23, 2013
WUXI, China, Sept. 23, 2013 /PRNewswire/ --Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech" or the "Company"), one of the world's largest solar
companies, today announced that on September 19, 2013, the Company received
notice that the Court of Brindisi (Italy) issued a ruling to seize additional
solar parks constructed by investee companies of Global Solar Fund S.C.A.
SICAR ("GSF"). In total, with this new seizure, an aggregate of 37 GSF solar
parks have been ordered seized which have a total capacity of approximately
30MW and represent approximately 21% of the aggregate nominal power capacity
of solar parks held by GSF. The Court also ordered the seizure of
feed-in-tariffs received by the investee companies of GSF that own the seized
solar parks. As consistent with Italian legal proceedings, several people have
been served pre-trial detention orders. GSF is currently in the process of
reviewing the ruling issued by the Court to determine the next appropriate
steps, and the Company is working with GSF to maintain operations while
operating in a manner compliant with the Court's ruling.
As previously disclosed in the Company's 2010 Annual Report on Form 20-F,
various solar parks constructed by investee companies of GSF have been the
subject of an investigation relating to permitting and the authorization
process by the Court of Brindisi (Italy). In the current ruling issued by the
Court, the Court indicated the primary allegations for the current actions are
potential improper operation related to underlying authorization issues for
various solar parks, planning and environmental crimes resulting from such
underlying authorization issues, and matters related to improper collection of
GSF is an investment fund created to make investments in private companies
that own or develop projects in the solar energy sector. The Company currently
holds approximately 88% of the share equity in GSF.
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
operations in China, Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80 countries.
Suntech's pioneering R&D creates customer-centric innovations that are
designed to drive solar to grid parity against fossil fuels. Suntech's mission
is to provide everyone with reliable access to nature's cleanest and most
abundant energy source.
Safe Harbor Statement
This press release contains forward-looking statements. 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 next steps with respect to these developments and the ability to
maintain operations while operating in a manner compliant with the court's
ruling. 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.
For media enquiries, please contact:
Ryan Scott Ulrich
Public Relations and Investor Relations
Ph: +86 510 8531 8654
SOURCE Suntech Power Holdings Co., Ltd.
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