LDK Solar Company Limited will secure up to 60 billion Chinese yuan ($8.97 billion) in credit from the China Development Bank over five years to bolster its long-term growth and development plans.
Details of the individual credit facilities will be subject to the bank’s internal risk management requirements and operational regulations."Through our strong partnership with [China Development Bank], we will have an enhanced ability to pursue our long-term growth strategy and further strengthen our position within the [photovoltaic] industry market,” said Xiafeng Peng, chairman and chief executive of LDK Solar.
The company is the largest producer of multicrystalline solar wafers in the world and is a leading vertically integrated manufacturer of photovoltaic products.
Early this month, LDK Solar completed the installation and trial runs of the first production line of solar cells in its new manufacturing facility in Xinyu city in China. The new manufacturing line has an annualized capacity of 60 megawatts and is expected to reach 120 MW by the end of the third quarter.
“Our objectives of in-house cell production are to produce approximately [50 percent] of our module manufacturing needs, thereby reducing the cost of our modules and attaining a stable supply of cells,” Mr. Peng explained.
The company also signed numerous agreements that will support its long-term growth goals. LDK Solar recently modified an existing solar wafer supply contract with Q-Cells S.E. inked in December 2007 worth $244.5 million. In the new agreement, LDK Solar will repay the prepayment in its entirety, which currently stands at $224.9 million, by the end of 2011.
Meanwhile, LDK Solar entered a research collaboration with the National Renewable Energy Laboratory that will look into ways to develop standards for solar grade silicon, as well as evaluation methods, crystallization technologies and commercial implementation.
Meanwhile, the China Development Bank also extended credit to JA Solar Holdings Company Limited worth $4.42 billion, with Suntech Power Holdings for $7.29 billion and Trina Solar for $4.3 billion.
Source: EcoSeed
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