China's Suntech lands major solar deals

Suntech Power Holdings, China’s largest solar company, said on Monday it had reached agreements to develop four solar power plants on the mainland, Reuters reported. The New York-listed firm said it had struck 1.8 gigawatts of solar power deals with the governments of Shaanxi and Qinghai provinces and the city governments of Shizuishan and Panzhihua. The firm said that the projects will still require permits from the National Development and Reform Commission as well as investment and project financing. Analysts said the preliminary deals underscore the firm’s ability to snare a “meaningful share” in the Chinese solar market. Suntech’s New York shares rose by 4% to close at US$14.92 on the news. The company’s shares have risen by 27% this year.