Nitol Solar reportedly has a diversified customer base and current supply contracts with an aggregate value of $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.
Zhengrong Shi, chairman and CEO of Suntech, said: While 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.
Dmitry Kotenko, CEO of Nitol Solar, said: We are very pleased that Suntech has come on board as a minority shareholder. It is 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.
