With financial markets an absolute mess, many companies are consolidating or hunkering down for the long haul.  One market that is expected to be negatively affected by the current credit crunch, is renewable energy. 

Many renewable energy companies are in the start-up phase and need investment and credit in order to survive.  Tighter credit and failing banks means that credit and investors are hard to find.

Into this dark and gloomy world, Suntech announced today that Suntech Power Holdings Ltd, a California company, is actually expanding and starting new ventures.  Suntech is the world’s largest manufacturer of photovoltaic (PV) modules.  Suntech has three projects underway.

The first project is a joint venture with MMA Renewable Ventures.  Suntech and MMA Renewable Ventures will form a third company called Gemini Solar Development Company LLC. 

Gemini Solar will concentrate on extremely large PV projects over 10 megawatts.  This new company will develop, finance, own and operate these large PV installations.  The funding will be provided by Suntech and MMA Renewables.  Gemini Solar will also be looking for other financial investors.

Suntech is also expanding further into the commercial and home markets with its acquisition of EI Solutions and its expansion of network dealers.

EI Solutions is a leading California commercial solar system integration company.  EI has worked with such well known companies as Google, North Face, Sony Pictures, and Disney to design and implement large solar projects.  By acquiring EI Solutions, Suntech is in a better position to provide complete solar solutions for companies, utilities, and governments.

Suntech’s final project is the rapid increase of its dealer network nationwide.  Expanding its dealer network will allow Suntech to gain greater penetration into the residential and small commercial markets. 

Rather than seeing the financial market collapse as a disaster, Suntech sees opportunity to grow and expand its business, and market significantly.

As with all business ventures, risk is a constant component of making it big or failing spectacularly.  Suntech is setting the example for other renewable energy companies to create more jobs and improve the economy. 

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Entry was posted on Thursday, October 2nd, 2008 at 12:20 pm under Green Technology, Science and technology, Technology.

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