San Francisco, United States [RenewableEnergyWorld.com] Nitol Solar, an independent polysilicon producer, and solar module provider Suntech Power Holdings Co., Ltd. announced that they have signed an agreement under which Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar Ltd. for a total consideration of up to US $100 million, subject to the satisfaction of certain conditions.
Nitol Solar has a diversified customer base and current supply contracts with an aggregate value of US $1.5 billion through 2015. Suntech entered into a multi-year first phase supply agreement with Nitol Solar in August 2007 for the supply of committed monthly volumes of polysilicon to Suntech from 2009 to 2015.
“We are very pleased that Suntech has come on board as a minority shareholder. They are a high quality partner and well respected in the solar energy field. As we move towards completing the new polysilicon production facility, Nitol Solar is further set to enjoy a strong, independent future as a leading supplier to the solar industry,” said Dmitry Kotenko, CEO of Nitol Solar.