WUXI, China, Oct. 17, 2016 /PRNewswire/ -- Wuxi Suntech Power Co. Ltd. (Suntech or "the Company"), one of the World's leading solar module manufacturers, announced that it has voluntarily withdrawn from the European Union's (EU) Price Undertaking Agreement and that the EU accepted Suntech's decision on October 11, 2016.
The main reason for the voluntary withdrawal was that EU customers did not agree with the MIP for Chinese solar modules as the global/EU average selling prices continuously declined and the MIP was not adjusted to be consistent with this declining trend.
Suntech had given notice of its intention to withdraw on August 1, 2016. On October 11, 2016 the EU accepted Suntech's decision and so informed the Company and the China Chamber of Commerce for Import & Export (CCCME).
"We have always complied with the EU's MIP agreement and were hoping that this duty would expire after December 2015, but this did not happen. So we decided to withdraw from EU's Undertaking since it is not consistent with our company's business strategy. Being out of the Undertaking agreement gives us more flexibility to serve Suntech's EU customers with excellent reliable products and will help us to expand our business," stated He Shuangquan, Executive President of Wuxi Suntech Power Co. Ltd.
Founded in 2001, Suntech has been supplying photovoltaic panels to more than a thousand customers in more than 80 countries. Leveraging its pioneering R&D and customer-centric innovations, Wuxi Suntech aims to provide reliable access, from private residences to global corporations, to nature's cleanest and most abundant energy source.