Suntech Power (STP) To Acquire Minority Interest in Nitol Solar for $100M
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Nitol Solar and Suntech Power Holdings Co., Ltd. (NYSE: STP) signed an agreement under which Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar Ltd. for a total consideration of up to $100 million, subject to the satisfaction of certain conditions.
Nitol Solar is an independent polysilicon producer which already 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.
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