Suntech to be long term supplier to SunEdison division

Suntech (NYSE: STP) today announced a multi-year contract to supply solar modules to a division of SunEdison, North America's largest solar energy service provider.

The total value of the contract ranges from approximately $50 million to $90 million. The contract is structured like Suntech's long-term silicon supply agreements to enhance steady operating results, the company said.

It's anticipated that the solar modules shipped under this contract will be used primarily in the California market. The California Solar Initiative, which aims to increase the amount of installed solar capacity on rooftops in the state by 3,000MW by 2017, is the most progressive in the United States.

In August of this year, Suntech established Suntech America, a wholly-owned subsidiary with the goal of expanding market share in the U.S.

Suntech Power Holdings Co., Ltd. is a leading solar energy company as measured by both production output and capacity of solar cells and modules. SunEdison is North America's largest solar energy services provider, selling to utilities, government agencies and commercial enterprises. SunEdison is based in Baltimore, MD.