Suntech (STP) In 2nd Supply Deal With DC Chemical

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12:42:59 pm on September 2, 2008

Suntech Power (STP) has signed a 2nd polysilicon supply agreement with South Korea based DC Chemical with a total value of about 750 million from 2010 to 2016.  Back in March the two companies inked another supply deal worth around 630 million.

Dr. Zhengrong Shi, Suntech’s Chairman and Chief Executive Officer, stated, ”We are pleased to expand our existing relationship with DC Chemical, a key upstream partner and an emerging market leader. Contracts such as these are key to securing long-term polysilicon supply at prices that are compatible with grid parity and are indicative of our belief that solar energy will become a cost effective alternative to fossil fuels.”

Shares of STP are off about 6% today.

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