LDK Solar Co. Ltd., a manufacturer of multicrystalline solar wafers, high-purity polysilicon and PV products, and Solar Power Inc. (SPI) have announced that LDK Solar has agreed to acquire a 70% interest in SPI for approximately $33 million.
According to LDK Solar, the transaction will enable the company to accelerate its project pipeline, which primarily consists of utility-scale power plants and commercial and industrial distributed generation systems.
As part of the transaction, LDK Solar will purchase certain components of SPI's manufacturing equipment and assume total manufacturing control of SPI's former module manufacturing facility in Shenzhen, China. SPI will maintain a separate logistical team in Shenzhen to enhance project development, design and related project management functions at a new location in Shenzhen.
The terms of the investment are detailed in the Form 8-K filed by SPI, which outlines the timing of the proposed investment and closings.
SOURCE: LDK Solar