Suntech sets site for 30 MW plant in Arizona

* Chinese company picks city of Goodyear in Phoenix area

* Plant to start with annual production capacity of 30 MW

* Shares down 4.6 pct

PHOENIX, Jan 27 (BestGrowthStock) – Chinese solar panel maker
Suntech Power Holdings Co Ltd (STP.N: ) has selected the city of
Goodyear in the sprawling Phoenix, Arizona area for the site of
its first U.S. manufacturing plant, the company said on

The news follows Suntech’s announcement in November that it
picked Arizona to open its U.S. panel assembly facility, which
will use solar cells shipped from China. [ID:nBNG62856]

The plant will begin production in September with an annual
production capacity of 30 megawatts and 70 employees, and the
potential to expand to 120 MW, “giving Suntech the ability to
respond to the the rapidly growing demand for solar throughout
the United States,” the company said.

Suntech’s chief strategy officer, Steven Chan, said the
initial investment was $10 million to $15 million and the
number of jobs could grow to 250 employees.

The greater Phoenix area is already the home to industry
bellwether First Solar Inc (FSLR.O: ), which has its headquarters
in Tempe.

Suntech’s move mirrors similar plans by other Chinese solar
companies, such as Yingli Green Energy (YGE.N: ), to establish
U.S. manufacturing sites to gain market share in the country,
which is expected to compete with Germany as the world’s
largest solar market in the coming years.

Shares of Suntech were down 4.6 percent at $13.32 in
trading on Wednesday on the New York Stock Exchange.

Stock Research Tools

(Reporting by Tim Gaynor in Phoenix; Writing by Laura Isensee
in Los Angeles; Editing by Bernard Orr)

Suntech sets site for 30 MW plant in Arizona