Suntech Announced Plan to Expand High-efficiency Module Production Capacity by 1.5GW and Signed Financial Credit Cooperation Agreement with Bank of Communications 2

Suntech has developed for twenty years’ in the field of solar energy. To improve competitiveness, Suntech plans to expand high-efficiency module production capacity by 1.5GW to Wuxi factory and carry out intelligent technology reform. By then, a new production line equipped with high-efficiency modules production capacity by 5GW will be established in Wuxi factory, which is a new high-standard intelligent module manufacturing factory covers an area of 150,000 square meters, which will reduce the number of employees in the producing process and improve the production efficiency of modules.

The capacity expansion project has been comprehensively carried out, with a total investment of 490 million RMB, scheduled to be completed and put into production in the third quarter of 2020. At the same time, Suntech will carry out intelligent technology upgrading project for Wuxi factory, aiming to make a national pilot demonstration project of comprehensive standardization and new application. The project is invested 2 billion RMB, and expected 10 billion RMB annual sales.

Recent years, Suntech has achieved steady growth in business performance through practical operation. Quality products and services, regular customers and financial health have made Suntech a brand of superior and powerful financing capabilities. At the signing ceremony, Bank of Communications Wuxi Branch and Suntech together held a credit cooperation signing ceremony. Yang Wensheng, President of Bank of Communications Wuxi Branch and Huang Dahai, Vice President of Bank of Communications Wuxi Branch were present for the signing ceremony. Bank of Communications Wuxi Branch is providing comprehensive financial services with amount of 150 million yuan to Suntech to support the accelerated development of the enterprise.

Huang Qin, Secretary of Wuxi Municipal Party Committee, expressed congratulations to the project signing. “Since Wuxi is now committed to becoming a city with best environment for business, we shall fully support on industrial policies and IPO instructions, and as always provide first-class government services for the development of APRD and its associated companies in Wuxi.”