Wuxi Suntech Power announced it is voluntarily withdrawing from the European Union’s (EU) Price Undertaking Agreement.
Suntech had given notice of its intention to withdraw on August 1, 2016. On October 11, 2016 the EU accepted Suntech’s decision.
Suntech now joins the league of Chinese solar providers like JinkoSolar, JA Solar and Trina Solar who also withdrew from the agreement.
The solar company demanded that the fixed minimum import price (MIP) set in the agreement should have been adjusted to align with the continuous decline in global average selling prices.
“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,” said He Shuangquan, executive president of Wuxi Suntech Power.
Rajani Baburajan