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Suntech Power Holdings has taken a minority stake in Nitol Solar, an independent polysilicon producer based in Siberia, Russia. Suntech will acquire shares newly issued by Nitol for a total consideration of up to $100 million.
"Whilst there are many entrants in the polysilicon industry, we feel Nitol Solar is particularly well positioned due to its long heritage of chemical production. We are delighted to be strengthening our relationship with Nitol Solar at this important point in their development," commented Dr. Zhengrong Shi, Suntech's Chairman and CEO.
Dmitry Kotenko, Chief Executive Officer of Nitol Solar, said, "Our new polysilicon production facility will utilize advanced polysilicon production equipment and the mature Siemens production and recycling process to ensure the clean and safe manufacture of purified polysilicon.”
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.
