Suntech, Nitol Expand Supply Contract

Suntech did not disclose financial terms of the agreement or say how much more polysilicon the Russian company will provide.

The contract runs from 2009 to 2015.

Suntech has agreed to purchase $100 million worth of newly issued Nitol shares to fund construction of the company's polysilicon plant. Suntech said it has already put $33 million into the investment.

It expects the plant, which will have 3,700 metric tons (4,079 tons) of production capacity, to be completed in 2009. The plant is being built near Irkutsk, Russia.

Suntech shares rose $1.44, or 3.6 percent, to $42 in premarket trading. They closed at $40.56 on Monday.