LDK Solar Co. Ltd. has reached an agreement with Q-Cells SE regarding an existing solar wafer supply contract that the two companies entered into in December 2007.
LDK Solar has agreed to an early repayment of the prepayment of $244.5 million that Q-Cells made pursuant to the supply agreement. Under the new agreement, LDK Solar will repay the prepayment in its entirety, which currently stands at $224.9 million, by the end of 2011. Payments totaling $135 million will be made this year. The current repayment will be funded by restricted cash, which was previously earmarked for such transactions.
Both parties also reached an agreement on pricing terms for the existing solar wafer supply contract, which extends to 2018.
SOURCE: LDK Solar Co. Ltd.
