XINYU CITY, CHINA & SUNNYVALE, USA: LDK Solar Co. Ltd, a leading manufacturer of multicrystalline solar wafers and PV products, has entered into a strategic financing agreement with China Development Bank Corp. (CDB), a joint stock banking corporation wholly owned by the state of China.
Under the terms of the agreement, CDB will provide up to RMB 60 billion (or approximately $8.9 villion) of credit facilities to LDK Solar over a five-year period. The financings will support LDK Solar's long-term growth initiatives and corporate development plans. Terms of the individual credit facilities and lending agreements will be subject to CDB's internal risk management requirements and operational regulations.
"We are very pleased to enter into this strategic financing agreement with CDB which demonstrates their confidence in and support of LDK Solar," stated Xiaofeng Peng, chairman and CEO of LDK Solar. "Through our strong partnership with CDB, we will have an enhanced ability to pursue our long-term growth strategy and further strengthen our position within the PV industry market."
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