(By Balaseshan) Suntech Power Holdings Co. Ltd. (NYSE: STP) and SunSystem S.p.A. have signed a contract for the solar panels producer to supply 25 megawatts (MW) of polycrystalline solar panels to the power plants will be operated by Italy's SunSystem in Romania.
The Suntech solar panels will power two new photovoltaic projects under construction in Romania that will be grid connected by the end of 2013.
The power plants will be operated by SunSystem and developed by RoEnergy, a SunSystem company in Romania. Since its inception, SunSystem has installed more than 2,000 solar systems, of which 700 were installed in 2012.
[Related -Tackling China's Debt Problem: Can Debt-Equity Conversions Help?]
The two power plants will utilize Suntech's 60-cell polycrystalline modules, STP 245-20/Wd, with a improved frame design and more than 15% efficiency, ideally suited for large-scale commercial projects and rooftop installations.
The power plants will use Aros Sirio K500 HV-MT inverters made by Italian manufacturer Aros Technology Srl. The installed Suntech solar panels will generate an estimated 30,000 MW-hours of electricity per year.
"Suntech's collaboration with SunSystem marries global expertise with best practices to deliver reliable and cost-effective solar to Romanian communities. This project, along with our recent contract with EDP Renovaveis, underscores the viability of our growth strategy in Eastern Europe," said Vincenzo Quintani, South-East Europe Sales Director, Suntech.
[Related -Will Job Growth Kill The Bear-Market Signal For Stocks?]
Suntech is principally engaged in the design, development, manufacturing and marketing of photovoltaic (PV) products and also provides engineering, procurement and construction services to building solar power systems using its own solar modules for residential, commercial, and utility-scale power plant customers.
STP closed Wednesday's regular session up 10.54% at $0.995. The stock has been trading between $0.71 and $4.40 for the past 52 weeks.