Wuxi Suntech announces solar insurance to customers, SPI gets moratorium extension

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Wuxi Suntech has signed an agreement with Solar Insurance & Finance (Solarif), a global insurance agent, to provide a unique solar insurance for Wuxi Suntech’s global customers.

The additional insurance will be given on top of the company’s existing product and performance warranties. It will provide an extra level of safety for its global customers, said Eric Luo, senior vice president, Wuxi Suntech.

Solarif signed Wuxi Suntech as partner after rigorous inspection of its factories, production process and materials. Wuxi Suntech passed the test and achieved the certification quickly.

Suntech

The insurance from Solarif is currently available for Wuxi Suntech’s global customers.

Wuxi Suntech, the main division of Suntech Power, filed for insolvency earlier this year. Suntech Power International, Suntech’s European division, is also facing severe crisis due to debt obligation.

In a recent development, Suntech said SPI has been granted an extension of its definitive moratorium on creditor claims from the judicial authorities in Schaffhausen, Switzerland until June 19, 2014.

Previously on June 18, 2013, the Company announced that SPI had been granted a definitive moratorium for a six month period which may be extended thereafter.

The extension of the definitive moratorium allows SPI additional time to restructure its debt and reach an agreement with its creditors.

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