Suntech Power Holdings Receives Investment Letter of Intent from Wuxi Guolian

Suntech Power Holdings Receives Investment Letter of Intent from Wuxi Guolian

PR Newswire

WUXI, China, Oct. 30, 2013

WUXI, China, Oct. 30, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech" or the "Company"), one of the world's largest solar
companies, today announced it has received an investment letter of intent from
Wuxi Guolian Development (Group) Co., Ltd. ("Guolian") to make an equity
investment into the Company of not less than US$150,000,000 in cash in
connection with supporting a comprehensive rehabilitation and restructuring of
the financial and operational affairs of the Company. In addition, it is
intended that Guolian would, upon satisfactory terms and conditions, cause
related solar and other businesses it owns to be injected into the Company
and/or enter into joint venture or similar arrangements with the Company to
take advantage of the Company's global platform, distribution networks, and
other synergies.

Guolian is an investment company based in Wuxi, Jiangsu Province, China, with
primary investments in finance and industry. The industry investments include
downstream solar companies, power generation projects, textile industries,
waste disposal facilities, and related environmental protection and energy
projects. As of the end of 2012, the total assets and net assets of Guolian
were approximately US$6.7 billion and US$2.6 billion, respectively.

Mr. Zhou Weiping, Suntech's CEO said, "Even though the investment letter of
intent is indicative only and is not a firm commitment, this is an important
step in the restructuring of the Company with key stakeholders. While there
will be substantial dilution for existing shareholders, the successful
implementation of these efforts will preserve the Company's international
platform, rebuild the Company's operating assets, and rehabilitate the
Company's global brand."

Guolian had previously participated in the competitive bidding process for
Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech"), the Company's principal
operating subsidiary in China currently in administration. As previously
disclosed, Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. ("Jiangsu
Shunfeng") had on October 8, 2013 been provisionally selected as the strategic
investor of Wuxi Suntech, and on October 24, 2013 signed a strategic
cooperation agreement with Wuxi Suntech. Such strategic investor will be
officially selected pending approval during a second creditor's meeting of
Wuxi Suntech scheduled on November 12, 2013 and then final confirmation by the
Wuxi Intermediate People's Court. Guolian's investment letter of intent refers
to a potential investment in Suntech Power Holdings Co. Ltd.

About Suntech

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 the amount of any equity investment by Guolian, the ability of
any such investment to support a comprehensive rehabilitation and
restructuring of the Company, the intention of Guolian to inject other related
solar and other businesses into the Company and/or enter into joint venture or
similar arrangements, and the ability to preserve the Company's international
platform, rebuild the Company's operating assets, and rehabilitate the
Company's global operations. 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
Email: ryan.ulrich@suntech-power.com

SOURCE Suntech Power Holdings Co., Ltd.

Website: http://www.suntech-power.com
 
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