LDK Solar has finalised its acquisition of a 70% interest in Solar Power (SPI), valued at $33m.
The firm has paid a second payment of $23m to finalise the deal followed by the $10m paid in January 2011.
The acquisition will allow SPI to accelerate the development of its project pipeline, comprising utility-scale power plants and commercial and industrial distributed generation systems.
Solar will benefit from the purchase as it would enhance its downstream business helping its vertical integration model through module supply for large-scale projects.
LDK Solar chairman and CEO Xiaofeng Peng said that with the acquisition, LDK Solar and SPI will jointly explore opening manufacturing operations in the US to further enhance SPI’s competitive advantage in North America.