Suntech Acquires Minority Stake in Asia Silicon

Suntech Power Holdings Co. Ltd. announced that it has recently acquired a minority stake in Asia Silicon Co. Ltd. from an existing shareholder for a total consideration of approximately US $8.1 million.

Suntech previously entered into an agreement to purchase high purity polysilicon from Asia Silicon with a total value of up to $1.5 billion over a seven-year period. The price of the silicon decreases to below $40 per kilogram during the term of the contract.

Asia Silicon is in the ramp up stage of a state-of-the-art polysilicon plant in Qinghai, China. Asia Silicon initiated production of high purity polysilicon at the end of 2008 and targets to reach 2,000 metric tons of annual production capacity by mid-2009.

Tests on the initial products show quality that can meet both solar and electronic grade requirements. The polysilicon plant utilizes the trichlorosilane-based Siemens production process with a comprehensive recycling system.

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