XINYU CITY, CHINA and SUNNYVALE, USA: LDK Solar Co. Ltd, a leading manufacturer of multicrystalline solar wafers, has entered into an agreement to sell a 15% ownership stake in its 15,000 metric ton (MT) annualized capacity polysilicon plant in Xinyu City, China.
Jiangxi International Trust and Investment Co., Ltd. has agreed to purchase this interest for approximately RMB1.5 billion (equivalent to approximately $219 million).
"We are very pleased with the continued support of our business from local financial institutions, as evidenced by this recent development," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.
"Jiangxi International Trust and Investment Co.'s investment in our 15,000 MT polysilicon plant will significantly strengthen our financial position and increase our near-term operating flexibility. We are pleased with the ongoing progress in ramping our 15,000 MT plant and look forward to providing a comprehensive update during our upcoming earnings.