Suntech Power
Suntech Headquarters in Wuxi, 2010 | |
Native name | 尚德电力 |
|---|---|
| Company type | Public |
| Industry | Photovoltaics |
| Founded | September 2001 |
| Founder | Shi Zhengrong |
| Headquarters | , |
Number of locations | United States, Germany, Switzerland, Japan, Australia, Italy, Spain |
| Revenue | US$3.15 Billion (FY 2011) |
| -US$616 Million (FY 2011) | |
| -US$1.00 Billion (FY 2011) | |
| Total assets | US$2.09 Billion (FY 2011) |
| Total equity | US$946 Million (FY 2011) |
| Parent | Shunfeng International Clean Energy Limited |
| Website | www.suntech-power.com/ |
Suntech Power Holdings Co., Ltd. (Chinese: 尚德; pinyin: Shàngdé) is a Chinese producer of solar panels, with 2,000 MW (2,700,000 hp) of annual production capacity by the end of 2011. It is headquartered in Wuxi, Jiangsu. Shunfeng International Clean Energy Limited, a HKSE listed renewable energy investment and Independent Power Producer company, acquired Suntech in 2014 following Suntech's bankruptcy in 2013. With offices or production facilities in every major market, Suntech has delivered more than 13,000,000 solar panels to thousands of companies in more than 80 countries around the world. As the center for the company's global operations, Suntech headquarters, in Wuxi, China, features the world's largest building integrated solar facade.
Suntech's fortunes have declined significantly since its peak in 2008 due to a market glut in solar products and investment problems. In March 2013, the company announced a default on a US$541 million bond payment, becoming the first company from mainland China to default on its US bonds. Following the default, Chinese banks filed to place Suntech's main unit, Wuxi Suntech Power Holdings Co., Ltd., into insolvency. Subsequently, the company's American Depository Receipts were delisted from the New York Stock Exchange and moved to the over-the-counter (OTC) exchange.