Suntech Power Holdings Co., Ltd. (NYSE: STP), the producer of crystalline silicon solar panels, has been selected to supply 34.5MW of solar panels for the first phase of the largest solar power plant in Thailand and Southeast Asia. Owned and operated by Bangchak Petroleum Public Co., Ltd., and integrated by Solartron Public Co., Ltd., the planned 44MW (38MW AC output capacity) solar power plant will be located just outside of Bangkok and generate decades of renewable energy for the booming metropolis and surrounding areas.
The landmark project was announced today at a ground-breaking ceremony presided over by Dr. Wunrattana Chanukul, the Thailand Minister of Energy. Upon completion in late 2011, the solar power plant will represent a major milestone in Thailand's ambitious goal to source 20% of its energy consumption from renewable sources by 2022.
''Renewable energy technologies are an integral component of Bangchak's long-term development strategy,'' said Dr. Anusorn Sangnimnuan, CEO of Bangchak Petroleum Public Co., Ltd., at the launch event. ''We look forward to building our partnership with Suntech to develop more utility-scale solar projects in Southeast Asia.''
''For this historic project, we needed reliable solar modules with strong, dependable power performance,'' said Mrs. Patama Wongtoythong, CEO of Solartron, a leading solar solutions provider in the region. ''We were impressed by Suntech's industry-leading power output warranty, backed by a global track record of high-performing installations.''
In a November 2009 report, the Asian Development Bank projected that energy demand in Asia and the Pacific will grow by an estimated 2.4 percent annually for the next twenty years, a cumulative 80% increase between 2005 and 2030. Suntech believes that solar technology will account for a rapidly growing share of Asia's electricity generation capacity, as economies throughout the region embrace affordable alternatives to carbon-based energy production. According to Solarbuzz research, Asia's solar market grew to nearly 900MW in 2009 - despite the global recession - up from about 630MW in 2008.
''Strong economic growth witnessed in markets like China and Thailand would not be possible without reliable access to electricity,'' said Dr. Zhengrong Shi, Suntech's founder, chairman and CEO. ''The reality is that fossil fuels alone are unable to provide long-term energy security to meet the soaring demands of Asia's rising populations. Now is the time to rediscover nature's cleanest and most abundant energy resource.''