SBY buys Chinese photovoltaic panels

The $35 million order is one of the largest deals of its kind to date in the Israeli solar energy market.

Israel's solar power integrator SBY Solutions Ltd. (formerly Solar by Yourself) will buy $35 million worth of photovoltaic panels from China's Suntech Power Holdings Co. Ltd. (NYSE: STP). This is one of the largest deals of its kind to date in the Israeli solar energy market. The panels will be able to produce 18 megawatts of electricity in Israel and in Italy, where SBY recently began operations. The panels will be delivered during the second half of 2010.

Suntech is China's largest photovoltaic panel manufacturer, and one of the largest in the world.

Yesterday, the Israel Electric Corporation (IEC) (TASE: ELEC.B22) reported that 800 small solar power installations currently produce 26 megawatts of electricity in Israel.

SBY, based at Moshav Nitzanei Oz in the Negev, has installed 220 rooftop solar power facilities to date. SBY CEO Tamir Kaplinsky founded the company in 2008, and it has about 60 employees.

Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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