public traded as otc pink stpfq industry photovoltaics founded september 2001 founder shi zhengrong headquarters wuxi jiangsu china number of locations united states germany switzerland japan australia italy spain revenue us 3.15 billion fy 2011 1 operating income us 616 million fy 2011 1 net income us 1.00 billion fy 2011 1 total assets us 2.09 billion fy 2011 2 total equity us 946 million fy 2011 2 parent shunfeng international clean energy limited website www.suntech power.com suntech power holdings co. ltd. chinese ; pinyin sh ngd is a chinese producer of solar panels with 2 000mw 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 . 3 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 . 4 as the center for the company s global operations suntech headquarters in wuxi china features the world s largest building integrated solar facade . 5 suntech s fortunes have declined significantly since its peak in 2008 due to a glut in the market for solar products and problems with its investments . in march 2013 it announced a us 541 million bond payment default becoming the first company from mainland china to default on its us bonds . 6 7 chinese banks subsequently filed to place suntech s main unit wuxi suntech power holdings co. ltd. into insolvency . 8 9 the company s american depository receipts were subsequently delisted from the new york stock exchange and placed on the over the counter otc exchange . contents 1 global operations 2 installations 3 awards 4 founder 5 investments 6 bankruptcy 7 see also 8 references 9 external links global operations edit suntech power has representative offices in china australia the united states switzerland spain italy germany japan and dubai as well as production facilities in wuxi luoyang qinghai shanghai germany japan and goodyear arizona . suntech america is based in san francisco california and the company has plans to start a production facility in phoenix arizona in 2010 . 10 suntech also has executives of their us operations in top posts in american solar panel industry groups . 11 installations edit suntech power has supplied or installed solar modules for numerous solar power plants and systems around the world . notable installations include clif bar headquarters the wharf home of the sydney theatre company sydney australia alamosa power plant colorado usa arizona state university arizona usa beijing national stadium beijing china elecnor power plant trujillo spain masdar city solar farm abu dhabi uae nellis air force base nevada usa expo 2010 shanghai shanghai china ketura sun kibbutz ketura israel the company s suntech energy solutions division completed google s 1.6 mw solar installation in june 2007 . 12 suntech power joined with israeli company solarit doral to build a 50 kw rooftop project in the israeli settlement of katzrin in the golan heights which was connected to the electricity grid in december 2008 . 13 14 suntech panels were used on the ketura sun field the first commercial solar field in israel . the field was developed by the arava power company . in 2010 suntech topped the solar panel shipment with 1.49 gw shipment volume according to pvinsights . suntech targets to ship over 2gw in 2011 ; however free price fall for solar components in 2011 made this more difficult to achieve . during the downturn of solar panel price chinese companies showed their ability to compete in cost management . on the very first day of the third quarter in 2011 suntech announced that they would terminate their long term wafer contract with memc by paying us 120 million . 15 market share of the top five chinese solar companies ranked in 2011 which are suntech yingli trina canadian and jinko made a huge advancement from 17.2 % market share in 2009 to 30 % market share in 2011 . the five chinese solar module companies almost doubled their totaling market share in 2.5 years and took nearly one third of the worldwide market . suntech announced in 2013 that it will be closing its goodyear az panel manufacturing plant . the reason given for the closure was the hefty tariffs imposed on chinese solar cells by the united states international trade commission even though the panels were assembled in arizona the cells were actually produced in china . 16 awards edit suntech power was recognized as the 2008 frost & sullivan solar energy development company of the year . frost & sullivan research analyst mary john commented on the recognition the company s pioneering success in developing energy efficient cost effective and customizable building integrated photovoltaic bipv systems and crystalline pv cells and modules for solar energy conversion into electricity are highly commendable . it has gone beyond just meeting global energy needs to anticipating them as well and highly satisfied customers testify that the bipv systems and other energy efficient products are customized precisely to their needs . 17 the andalay ac solar pv panel was awarded one on msn s most brilliant products of 2009 because of innovations that advanced their ease of installation and use . 18 suntech power is one of the main manufacturers of components for the andalay solar panel sold by akeena solar akns . 19 founder edit dr shi zhengrong born c. 1963 20 is the founder 21 chairman and chief executive officer of suntech power . he is a graduate of the university of nsw s school of photovoltaic and renewable energy engineering . 22 23 at unsw dr. shi studied under professor martin green and met stuart wenham now suntech s chief technology officer . dr. zhengrong shi was honored in january 2010 as a finalist for the zayed future energy prize . in 2007 dr. shi was named one of time magazine s heroes of the environment . he is often referred to as the world s first green billionaire . 24 dr. zhengrong shi has been appointed visiting professor at the university of nsw . investments edit before going public on the nyse in 2005 suntech was funded by a consortium of private equity firms including actis capital and goldman sachs . the consolidated private equity investment into suntech is generally considered to be one of china s most profitable private equity investments ever as each firm is thought to have made gains well over 10x on their original investments . the company s stock performed quite well after its first day of ipo on dec 14th 2005 . 25 in june 2008 suntech invested in global solar fund gsf a company investing in power plants in spain and italy . in may 2010 suntech guaranteed a finance arrangement of 554.2 million euro provided by china development bank to companies related to gsf using 560 million euros in german government bonds from gsf capital as collateral . however on 30 july 2012 suntech revealed that the bonds didn t exist they were apparently forgeries . in the following week suntech shares lost 40 % of their value . 26 27 bankruptcy edit suntech defaulted on 541 million of convertible bonds in march 2013 . 28 on march 20th 2013 the main subsidiary of suntech filed for bankruptcy in jiangsu china . 29 in february 2014 suntech filed for chapter 15 bankruptcy in manhattan new york to seek protection from u.s. creditors . 28 a creditors working group led by distressed debt funds clearwater capital partners llc and spinnaker capital ltd. announced in august a plan to recapitalize the solar maker the company said in a statement . 28 see also edit solar power in china renewable energy companies on the stock exchange references edit a b c suntech s annual income statement via wikinvest a b suntech s annual balance sheet via wikinvest 1 suntech press release 2014 suntech about investors press releases . ir.suntech power.com . 2011 02 28 . retrieved 2014 03 24 . 2 archived january 17 2009 at the wayback machine . alex morales & christopher martin 2013 03 18 . suntech defaults on 541 million bond a first for china . bloomberg . suntech announces default search for financing . the sydney morning herald . ehren goossens & justin doom 2013 03 21 . biggest solar collapse in china imperils 1.28 billion energy . bloomberg . wee sui lee 2013 03 20 . update 2 solar pain hits china as suntech unit nears insolvency . reuters . suntech about investors press releases . phx.corporate ir.net . retrieved 2014 03 24 . retrieved november 12 2009 from solar energy industries association about seia board website http www.seia.org cs seia board google solar panel project archived february 12 2009 at the wayback machine . israel opens largest solar plant with chinese help december 10 2008 . chinese pv pioneer helps build israel s biggest solar power station xinhua december 9 2008 . memc suntech terminate wafer supply deal . eetimes.com . retrieved 2014 03 24 . bingham matt ; lewis and roca llp march 19 2013 . suntech closing goodyear solar plant ; blames u.s. solar tariff . the national law review . retrieved april 21 2013 . frost & sullivan recognizes suntech power for its technical expertise with low cost high quality products for solar energy markets business news . redorbit . 2008 04 15 . retrieved 2014 03 24 . msn tech and gadgets . 10 most brilliant products of 2009 . retrieved november 12 2009 from msn website http tech.msn.com products slideshow.aspx cp documentid 22104619 & imageindex 6 google finance . akeena solar inc. public nasdaq akns . retrieved november 12 2009 from akeena solar inc. company profile website http www.google.com finance q nasdaq akns the alternative rich list . september 22 2006 . accessed may 7 2007 . 3 archived march 12 2008 at the wayback machine . school of photovoltaic and renewable energy engineering . pv.unsw.edu.au . retrieved 2014 03 24 . dr. zhengrong shi archived october 20 2007 at the wayback machine . green martin 2007 10 17 . shi zhengrong heroes of the environment . time . retrieved 2014 03 24 . china s suntech shines in solar ipo . dec 15 2005 . retrieved jul 26 2013 . suntech probes potential fraud on 680 million guarantee . bloomberg . 2012 07 30 . italian road to china s suntech fraud was paved with warnings . reuters . 2012 08 06 . a b c suntech seeks new cash after china bankruptcy liquidator says . bloomberg . 2014 04 29 . chinese subsidiary of suntech power declares bankruptcy . new york times . 2013 03 20 . external links edit suntech website suntech starts construction of shanghai thin film plant suntech announces 425 million offering solar future brightens as oil soars suntech announces major initiatives to significantly expand share of the u.s. solar market and capture greater portion of revenue in pv value chain v t e solar energy companies in china energy in china ja solar holdings jinko solar jinniu energy suntech power topray solar trina solar yingli china sunergy hanwha solarone chint group energy companies of china retrieved from https en.wikipedia.org w index.php title suntech power & oldid 737140377 categories companies formerly listed on the new york stock exchangephotovoltaics manufacturersrenewable energy companiesmanufacturing companies of chinacompanies based in jiangsucompanies established in 2001solar energy companies of chinachinese brandshidden categories articles with wayback machine linksarticles containing chinese language text navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent