LDK Solar to Acquire 70% Interest in Solar Power

9 January 2011 (Last Updated January 9th, 2011 18:30)

LDK Solar is to acquire a 70% interest in Solar Power (SP), a manufacturer of multicrystalline solar wafers, high purity polysilicon and PV products, for $33m. LDK Solar will also buy components of SP's manufacturing equipment and assume total manufacturing control of SP's former mo

LDK Solar is to acquire a 70% interest in Solar Power (SP), a manufacturer of multicrystalline solar wafers, high purity polysilicon and PV products, for $33m.

LDK Solar will also buy components of SP's manufacturing equipment and assume total manufacturing control of SP's former module manufacturing facility in Shenzhen, China.

The transition will allow SP to focus on the development and construction of large-scale and utility-scale US solar projects, while maintaining product quality and enhancing its competitive position.

The investment will also enable SP to accelerate the development of its project pipeline, including utility-scale power plants and commercial / industrial distributed generation systems.

SP's growing development portfolio will, in turn, provide LDK Solar with enhanced downstream benefits to its vertical integration model through module supply for large-scale projects.