LDK Solar: Update on China Development Bank Financing
Xinyu, China and Sunnyvale, California - LDK Solar Co., Ltd. , a leading vertically integrated manufacturer of photovoltaic products, today announced that China Development Bank Corporation ("CDB") has recently approved a fifteen-year project loan for two solar power plants with a total capacity of 8 Megawatts ("MW") combined. The solar power plants are located in California and are wholly-owned by LDK Solar. CDB has also approved a fifteen-year buyer's credit to KDC Solar LLC ("KDC") for its two New Jersey solar power plants, Imclone and White Rose, consisting of 14.7 MW of its 300 MW portfolio. Additionally, CDB approved two-year construction financing to EPC contractor, Solar Power Inc. ("SPI"), a company majority owned by LDK Solar, for its undertaking of the New Jersey projects.
"The credit support from CDB not only satisfies LDK Solar's own PV project financing demand, but also meets the end customer's financing needs, which is expected to greatly promote LDK Solar's module sales and EPC business," stated Xiaofeng Peng, chairman and CEO of LDK Solar. "With the continuous support from CDB, LDK Solar will continue expanding its self-owned project development overseas, establish strategic partnerships and maintain a long-term stable cooperation with project owners to achieve a win-win situation for both parties."
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.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
Contact: Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967, email@example.com, for LDK Solar; or Jack Lai, Executive VP and CFO of LDK Solar Co., Ltd., +1- 408-245-8801, IR@ldksolar.com