LDK Solar Provides Update on China Development Bank Financing

published: 2012-01-05 15:29 | editor: | category: News

LDK Solar Co., Ltd. (“LDK Solar”; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today announced that China Development Bank Corporation (“CDB”) has recently approved a fifteen-year project loan for two solar power plants with a total capacity of 8 Megawatts (“MW”) combined. 

The solar power plants are located in California and are wholly-owned by LDK Solar. CDB has also approved a fifteen-year buyer’s credit to KDC Solar LLC (“KDC”) for its two New Jersey solar power plants, Imclone and White Rose, consisting of 14.7 MW of its 300 MW portfolio. Additionally, CDB approved two-year construction financing to EPC contractor, Solar Power Inc. (“SPI”), a company majority owned by LDK Solar, for its undertaking of the New Jersey projects.

"The credit support from CDB not only satisfies LDK Solar’s own PV project financing demand, but also meets the end customer’s financing needs, which is expected to greatly promote LDK Solar’s module sales and EPC business,” stated Xiaofeng Peng, chairman and CEO of LDK Solar. “With the continuous support from CDB, LDK Solar will continue expanding its self-owned project development overseas, establish strategic partnerships and maintain a long-term stable cooperation with project owners to achieve a win-win situation for both parties.”

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