LDK Solar Co., Ltd.: Eight-Year Wafer Supply Agreement With Sumitomo Corporation
XINYU CITY, China and SUNNYVALE, Calif., Sept 05, 2008 / LDK Solar Co., Ltd. ("LDK Solar"), a leading manufacturer of solar wafers, announced today that it has signed an eight-year contract with Japan- based Sumitomo Corporation ("SC"), one of the leading trading and investment houses in Japan to supply multicrystalline solar wafers to a leading manufacturer of solar cells and modules in Japan.
Under terms of the agreement, LDK Solar will deliver approximately 750 MW of multicrystalline silicon wafers to Sumitomo over an eight-year period, commencing in 2009 and extending through 2016. Sumitomo will make an advanced payment representing a portion of the contract value to LDK Solar.
"We are excited to announce this agreement with Sumitomo to supply high- quality wafers to Japan's leading manufacturer of solar modules," Xiaofeng Peng, Chairman and CEO of LDK Solar. "For LDK Solar, this supply contract with another industry leader, signifies another step towards our goal of becoming the leading supplier of wafers worldwide."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. is a leading manufacturer of solar wafers, which are the principal raw material used to produce solar cells. LDK Solar sells wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. Its office in the United States is located in Sunnyvale, California.
About Sumitomo Corporation
Sumitomo Corporation engages in diverse business activities through its worldwide network. These include various domestic and overseas transactions and import and export of a wide range of goods and commodities, and also providing a wide range of services and investing, in the fields of, such as metals, transportation and construction systems, machinery and electricity, media, electronics and network, chemicals, mineral resources and energy, consumer goods and services, materials and real estate, and finance and logistics.
SOURCE LDK Solar Co., Ltd.