LDK Solar provides update on China Development Bank financing
Thursday, Jan 31, 2013
XINYU CITY, China and SUNNYVALE, Calif., Jan. 31, 2013 /PRNewswire/ -- 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 RMB 440,000,000 (approximately USD 69.8 million) loan to finance the technology upgrade for the Mahong Polysilicon Plant. The financing will primarily be used to invest in hydrochlorination technology, a critical technological improvement necessary to significantly reduce the manufacturing cost of silicon production at the plant. LDK Solar plans to drawdown the loan as market conditions improve and the necessary equipment is ready for its use.
To date, LDK Solar has invested over RMB 12,000,000,000 (approximately USD 1.9 billion) in the Mahong Polysilicon Plant. These investments have been the primary reason for LDK Solar's high debt ratio. LDK Solar remains focused on continued investment in hydrochlorination technology and reducing the cost of silicon production.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com
SOURCE LDK Solar Co., Ltd.