China, U.S. May Be Fastest-Growing Markets for Suntech, CEO Says
Stock Chart for Suntech Power Holdings Co Ltd (STP)
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.
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