|Siemens and Suntech enter framework agreement for PV panels|
|Friday, 28 January 2011|
Siemens Energy is one of the best example of how domestic public policy (environmental) and public procurement (supply chain eco system) can provide a comparative advantage and build up a globally strong player. They can than use that strength to negotiate favoured partnerships and a global supply chain. Siemens Energy Sector is now the world's number one supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power. In fiscal 2010, Siemens Energy Sector had revenues of approximately EUR25.5 billion, with backlog orders totaling more than EUR30.1 billion. It posted a profit of more than EUR3.6 billion and had a work force of more than 88,000.
Siemens Energy has signed a framework agreement with Suntech Power Holdings Co. Ltd. (NYSE: STP), the world's largest manufacturer of photovoltaic (PV) modules. The photovoltaic modules to be supplied under this umbrella agreement are for several projects in Europe.
"Siemens is offering EPC solutions for photovoltaic plants," said Martin Schulz, vice president photovoltaics, Siemens Renewable Energy Division. "With Suntech we have a bankable partner to provide reliable photovoltaic plants to our customers." In the last seven months Siemens has secured orders for photovoltaic plants with a combined capacity of over 80MW from six different countries. As EPC contractor, the company handles the turnkey construction of solar power plants combining in-house components such as inverters or transformers and independent panel sourcing as well as local sourcing.
Jerry Stokes, president of Suntech Europe, stated: "We are excited to establish a strategic cooperation with a strong partner such as Siemens. We have already started executing on the agreement for projects developed throughout Europe. Siemens' global presence facilitates joint projects in Europe as well as in other parts of the world."
Photovoltaic plants are part of Siemens' Environmental Portfolio. In fiscal 2010, revenue from the Portfolio totaled about EUR28 billion, making Siemens the world's largest supplier of eco-friendly technologies. In the same period, our products and solutions enabled customers to reduce their carbon dioxide (CO2) emissions by 270 million tons, an amount equal to the total annual CO2 emissions of the megacities Hong Kong, London, New York, Tokyo, Delhi and Singapore.
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing capacity worldwide, Suntech has delivered more than 14 million photovoltaic panels to over a thousand customers in more than eighty countries.
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