“Robust demand and outstanding operational execution drove another strong quarter for Suntech,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “We exceeded our top line expectations and achieved a significant production milestone with total quarterly output surpassing 100MW for the first time in Suntech’s history. We already have purchase orders for 2008 delivery totaling over 450MW, and we expect that extremely strong demand for our PV products will continue, leading to firm pricing in 2008.”

“At the end of the third quarter, we completed construction of our new 1GW production facility in Wuxi, China. This facility will enable us to transition to a new generation of technology that will facilitate the production of higher efficiency PV cells using thinner wafers on a multi-gigawatt scale. In addition, this facility will enable us to accelerate our capacity expansion to hit 1GW capacity two years ahead of plan and further reduce our cost base through economies of scale. This represents a key milestone for Suntech.”

Commenting on Suntech’s silicon supply, Dr. Shi said: “Our recent long term silicon contracts with Asia Silicon, Nitol Solar, ReneSola and a major Korean conglomerate mark a major turning point for Suntech’s silicon supply environment as they will both enhance our margins and expand our volume. We believe that our new suppliers employ best-in-class equipment and manufacturing processes to produce high quality silicon and wafers. In the near term, despite the industry’s shortage, our procurement has been highly successful and we have secured enough silicon for at least 530MW of output. These new contracts not only allow us to accelerate our growth, they also significantly decrease our long term cost of silicon and bring Suntech closer to the goal of grid parity.”

New Products and Projects

Suntech reported total net revenues of $386.7 million for the third quarter of 2007, representing a 137.3% increase from the corresponding period in 2006.

Non-GAAP gross profit for the third quarter of 2007 was $82.8 million, an increase of 117.9% year-over-year. Non-GAAP gross margin for our core wafer-to-module business improved to 24.4% and non-GAAP consolidated gross margin was 21.4%.

Non-GAAP operating expenses in the third quarter of 2007 totaled $19.3 million and accounted for 5.0% of net revenues.

Non-GAAP income from operations for the third quarter of 2007 was $63.5 million, an increase of 113.1% year-over-year. Non-GAAP operating margin was 16.4%.

Non-GAAP net income for the third quarter of 2007 was $61.2 million, an increase of 86.6% year-over-year, or $0.36 per non-GAAP diluted ADS.

On a GAAP basis, for the third quarter of 2007 gross profit was $80.0 million, an increase of 115.1% year-over-year. Gross margin was 20.7% for the third quarter of 2007. Income from operations was $56.1 million, an increase of 121.7% year-over-year. Net income was $53.3 million, an increase of 85.4% year-over-year, or $0.32 per diluted ADS.

In the third quarter of 2007, capital expenditures, which were primarily related to production capacity expansion and the construction of Suntech’s new production facilities, totaled $41.8 million and depreciation and amortization expenses totaled $5.5 million.

Suntech’s balance of cash and cash equivalents was $588.6 million at September 30, 2007, compared to $520.0 million at June 30, 2007. Inventory totaled $164.3 million at September 30, 2007, compared to $198.4 million at June 30, 2007, primarily due to improved inventory management.

Based on current operating and other conditions, Suntech expects fourth quarter of 2007 total sales volume to be in the range of 109MW to 111MW, and has increased the forecast of full year 2007 sales volume by 12% from 325MW to be in the range of 363MW to 365MW. Non-GAAP consolidated gross margin in the fourth quarter of 2007 is expected to improve by 50 to 100 basis points from the third quarter of 2007.

Suntech has currently secured enough silicon to produce more than 530MW in 2008. Based on this level of silicon supply, Suntech expects revenues to be in the range of $1.9 billion to $2.1 billion for the full-year 2008.

Due to the accelerated installation of production lines within the newly opened 1GW facility, Suntech has raised the year-end 2007 PV cell production capacity target from 480MW to 540MW. Suntech has also raised the year-end 2008 PV cell production capacity target from 600MW to 1GW, two years ahead of the previously announced 1GW PV cell production capacity target at the end of 2010.

Suntech announced the re-appointment of Mr. Jason E. Maynard to its Board of Directors and the resignations of Dr. Jingjia Ji and Mr. Chengyu Fu. Dr. Ji will continue to serve as a senior scientist at the Company concentrating on key initiatives such as the Pluto technology and the thin film R&D and manufacturing facility. Mr. Maynard, formerly a member of the Company’s Board from August 2005 to October 2006, will serve on the Audit Committee, replacing Mr. Zhi Zhong Qiu, who remains on the Compensation Committee and Corporate Governance and Nominating Committee.

“We are very pleased to welcome Mr. Maynard back to the Suntech Board,” said Dr. Shi. “We are confident that Mr. Maynard will play an important role in guiding Suntech’s future initiatives to reduce the cost of solar energy and expand our position in international solar markets.”

Mr. Maynard was formerly a partner and Head of the Asian Special Situations Group at Goldman Sachs (Asia) LLC based in Hong Kong. He has over 14 years of experience in principal investing with a focus ranging from distressed companies to growth private equity. Previously, he held positions at Merrill Lynch Asia Pacific, Chase Manhattan Asia and

Citicorp International. Mr. Maynard received his bachelor’s degree in East Asia Political Economy from Hamilton College in the United States.

“I would also like to thank Dr. Ji and Mr. Fu for their contributions to the Board over the past two years. Their dedication and insight were invaluable during a critical stage in Suntech’s rapid development,” said Dr. Shi.

Ms. Kristina Peterson was hired as Director, Structured Finance of Suntech America, based in Suntech’s U.S. headquarters in San Francisco. She will manage Suntech’s structured, project and customer finance business in the U.S. Ms. Peterson was previously CEO of Mayflower Partners, an international financial advisory firm in Menlo Park, California. Prior to Mayflower, Ms. Peterson was Vice President at Citibank and ABN AMRO Bank in project and structured finance based in New York, Chicago, Los Angeles and Dubai, United Arab Emirates. Ms. Peterson received an MBA from the University of Chicago, and a B.S. from Boston University.

Ms. Polly Shaw was hired as the Director, External Relations of Suntech America also based in San Francisco. Ms. Shaw will focus on monitoring government affairs issues and actively represent Suntech in key industry associations in the U.S. such as the Solar Energy Industries Association and the Solar Alliance. Prior to joining Suntech, Ms. Shaw was a Senior Regulatory Analyst at the California Public Utilities Commission where she served as the staff lead to implement the $3.2 billion California Solar Initiative. Polly has worked for over 14 years to design policy models and programs that advance clean, efficient energy use and climate protection in the U.S., and energy efficiency and methane capture programs in the U.S. and China. Ms. Shaw received a B.A. from Tufts University.

Mr. Xuejun Qi was hired as Director of Production to oversee improvements in production processes. Mr. Qi has over 12 years experience in manufacturing management and was previously Director of Manufacturing at Samsung Electronics.

Annual General Meeting of Shareholders

Suntech will convene its annual general meeting of shareholders on December 18, 2007 at Company headquarters in Wuxi. Ordinary shareholders of record as of November 9, 2007 will be entitled to attend the meeting. There are no matters requiring shareholder consideration at this time.

Suntech management will host an investor and analyst day in Wuxi on Tuesday, December 11, 2007. For more information, please contact suntech@tpg-ir.com.

Suntech management will host a conference call today, Thursday, November 15 at 8:00 a.m. Eastern Time (which corresponds to November 15, 2007 at 9:00 p.m. Beijing/Hong Kong time) to discuss the company’s results.

To access the conference call, please dial +1-617-614-3528 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech’s website at http://www.suntech- power.com under Investors: Events.

A telephonic replay of the conference call will be available until November 27, 2007 by dialing +1-617-801-6888 (passcode: 15787946).

Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech’s majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech’s customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com.

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. In particular, the projected fourth quarter 2007 and full year 2008 data regarding sales volume, capacity and revenues and the business outlook and quotations from management in this announcement, as well as Suntech’s strategic and operational plans, are forward-looking statements. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

To supplement its consolidated financial results presented in accordance with GAAP, Suntech uses the following non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to share-based compensation, restructuring expenses and the amortization expenses incurred from the purchase price allocation effect related to the MSK Corporation acquisition. Management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in Suntech’s core business across different reporting periods on a consistent basis, independently of stock-based compensation expenses and the purchase price allocation effect related to the MSK acquisition. Thus, the non-GAAP financial measures provide investors with another method for assessing Suntech’s operating results in a manner that is focused on the performance of its ongoing operations. Management also uses these non-GAAP measures internally to make an apples-to-apples comparison of the business and financial performances of current and historical results, for strategic decision making, forecasting future results and evaluating the Company’s current performance. Many analysts covering Suntech use the non-GAAP measures as well. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures” set forth at the end of this release and which shall be read together with the preceding financial statements prepared under GAAP.

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Note: The quarterly consolidated income statements are unaudited. The condensed consolidated balance sheets are derived from Suntech’s unaudited consolidated financial statements.