Suntech (STP) To Build A Manufacturing Plant In The US

Suntech has announced its intention to build a manufacturing plant in the United States, taking advantage of incentives from both the federal government and state governments. In company press release, the company called the move part of its plan to create a long-term US presence. In the press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, said:

"We believe in the outstanding long-term prospects of the solar energy market in the United States, and we will continue to invest in our ability to meet a substantial portion of that potential growth through in-market manufacturing. A number of favorable developments have led us to this decision, including the dramatic growth in utility demand for large-scale wholesale solar projects, the increasing number of states with incentive programs for customer-owned systems and the federal government’s recent stimulus package, all of which will drive steady, long-term growth in demand."

"We plan to make a decision within the next six months as to the location of our U.S. facility based on a variety of criteria, including local manufacturing incentives and long-term policy commitments that create vibrant local markets for our products," added Dr. Shi. "Suntech has invested significant resources in establishing a world-class solar team in the U.S. to service a national dealer network, provide system design and installation advice and support, and develop 10MW+ solar projects. Initiating manufacturing in the U.S. will drive further growth of green jobs and support the ongoing transition to renewable energy sources."

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