Justice Sirikah

First Solar, Inc. (NASDAQ: FSLR) and Suntech Power Holdings Co., Ltd. (NYSE: STP) to Jointly Power a Landmark Middle Eastern Solar Project

by Justice Sirikah January 19, 2009
  Rival photovoltaic (PV) modules manufacturers, First Solar, Inc. (NASDAQ:FSLR ) and Suntech Power Holdings Co., Ltd. (NYSE: STP ) will complement their efforts to power a $15 billion futuristic city of Masdar, under construction in Abu Dhabi, United Arab Emirates. fslr_logo.png

  The firms have been approved by Masdar Abu Dhabi Future Energy Company to supply 5 MW of thin film solar modules each, for a 10 MW solar power farm that is being developed by Enviromena Power Systems based in the oil-rich Abu Dhabi emirate. Expected to be the biggest in the whole of Middle East region, the system will generate electricity for what is supposed to be the world’s only carbon neutral and zero-waste city.
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  Solar energy will be used as a first choice power solution by more than 50 000 residents and 1 500 businesses that are expected to be part of Masdar upon its completion. Electric travel pods, waste and water recycling, as well as natural ventilation, will be some of the environmentally friendly measures to be used in the city.

  “Masdar City is a revolutionary concept that will greatly influence the future of global urban development. Solar energy systems are the ideal solution for Masdar City as electricity generated will coincide with peak energy usage during the middle of the day”, stated Dr. Zhengrong Shi, Suntech’s chairman and CEO.

  By the end of August this year, the commissioning of the groundbreaking system is expected to have taken place, and be ready to produce more that 17 million kilowatt-hours of electricity per annum.

  Barely two weeks ago, Suntech had celebrated breaking a world record of annual solar cells and modules production capacity. The company’s stock price has been on an upward trend since January 14 and its last price was $10.85 from the previous close of $10.64. Meanwhile, First Solar closed at $145. 42 on the NASDAQ market on Friday.

Resources:
1. http://www.suntech-power.com/en/
2. http://www.firstsolar.com/
3. First Solar (NASDAQ: FSLR) message board on HotStocked
4. Suntech (NYSE: STP) message board on HotStocked

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