China, U.S. May Be Fastest-Growing Markets for Suntech, CEO Says

Suntech Power Holdings Co., the world’s largest solar panel maker, expects China and the U.S. to be its fastest-growing markets this year, Chief Executive Officer Shi Zhengrong said.

Solar power will be the main renewable energy source in China over the next 10 years, Shi said in an interview at a forum in Seoul. He said the company is also investing in the U.S. where it has created 2,000 jobs.

“More and more governments will initiate policy to support solar,” Shi said, adding that he expects $60 billion to be invested globally in solar energy to produce 18 gigawatts of capacity by 2020.

The company generated 66 percent of its revenue in Europe, 15 percent in the U.S. and 5.3 percent in China in 2010, according to Bloomberg data. Suntech cut manufacturing costs by 70 percent to 15 cents per kilowatt from 2001, he said.

To contact the reporters on this story: Sangim Han in Seoul at sihan@bloomberg.net; Rose Kim in Seoul at rkim69@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.