LDK Solar Co., Ltd. (“LDK Solar”) (NYSE: LDK), solar multicrystalline ingots, high purity polysilicon and a leading manufacturer of products and PV Solar Power, Inc. (“SPI”) (OTCBB: SOPW) announced today that, LDK Solar, agreed to acquire a 70% interest in the use of the SPI for approximately 33 million dollars. LDK Solar’s investment offers strategic interests to both parties. The transaction strengthens considerably the SPI of the balance sheet, which allows its project pipeline, which consists primarily of utility-scale power plants and industrial development of distributed generation systems and the acceleration due to gravity. SPI’s growing Portfolio and development pipeline, which, in turn, should provide the LDK Solar enhanced downstream benefit through its vertical integration model in large scale projects for the supply of the module.
In addition, LDK Solar acquires certain parts of the SPI and the expected total production control, production of SPI former module manufacturing facility in China, Shenzhen. SPI maintains a separate logistic group, Shenzhen to improve project development, planning and related project management to a new location in Shenzhen. Manufacturing transition is strategic; enable SPI focuses on development and building large scale and scope of U.s. solar projects in the field of the add-in, while at the same time to maintain the quality of the product and increasing its competitive position. A vertically integrated manufacturer, and photovoltaic (PV) solar power products supplier LDK is more than 20 000 employees worldwide.
“We are very pleased with this new strategic relationship,” said Xiaofeng Peng, Chairman and Chief Executive Officer (CEO), LDK Solar. “We have known the SPI group for several years and have been very impressed with the quality of their work, and the caliber of clients they serve. We are looking forward to collapse the group, which is responsible for the payment of outstanding claims relating to solar projects, such as the Staples Center and the farm of the Sun, Aerojet, “President Peng noted. “This transaction is also our downstream vertical integration opportunities to expand and offer LDK Solar and SPI to examine, together with the opening of the restructured so as to further improve the competitive edge of the SPI in North America.”
“This investment clearly places the company among the SPI is one of the most elite of photovoltaic solar developers today,” said President and CEO Steve Kircher, solar power, Inc. “we are LDK Solar is set to the value of our projects created in earlier versions, and in our pipeline. Projects such as Aerojet solar farm, 6MW ground-mount, one axis of the solar system and the Staples Center monitoring, our Skymount, SPI’s proprietary system to reflect the first rooftop installation team, the quality of the “Mr. Kircher is added. “LDK Solar’s commitment to the development of the project, their capital directly relating to the purchase of stocks clearly improves the position on the market. We recently combined the strength of vertical platform should give us competitive advantages are significant, “Mr. Kircher.
Investment conditions in detail by SPI, outlining the proposed timing of investments and closings in form 8-k.