LDK Solar Co. Ltd., a China-based manufacturer of multicrystalline solar wafers and PV products, and Solar Power Inc. (SPI) have signed an agreement under which LDK Solar has finalized its acquisition of a 70% interest in SPI for approximately $33 million.
LDK paid an initial $10 million in January and has now announced it has finalized the transaction with a second payment of $23 million. According to SPI, the transaction adds significant financial strength to its balance sheet, enabling the acceleration of the development of its project pipeline, which primarily consists of utility-scale power plants and commercial/industrial distributed generation systems.
SPI's growing development portfolio and pipeline, in turn, is expected to provide LDK Solar with enhanced downstream benefit to its vertical integration model through module supply for large-scale projects.
SOURCE: LDK Solar