XINYU CITY, China and SUNNYVALE, Calif., Oct. 3 /PRNewswire-FirstCall/ --
LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline
solar wafers, announced today that it has signed a five-year contract to
supply multicrystalline solar wafers to Taiwan-based Solartech Energy Corp.
Under the terms of the agreement, pricing is fixed for the first three
years. During this period, LDK Solar will deliver multicrystalline solar
wafers to Solartech valued at approximately US$224 million with initial
delivery commencing in 2008.
"We are pleased to strengthen our long-standing partnership with
Solartech, one of our first customers," stated Xiaofeng Peng, Chairman and CEO
of LDK Solar. "We continue to selectively allocate our wafer supplies and to
build our presence as a global leader in the solar industry."
"This agreement enables us to secure a significant amount of LDK Solar's
high-quality wafers as we rapidly increase our production capacity. Solartech
plans to double its capacity to 60 MW in November 2007 and to add 50 MW
annually over the next two years to reach an annual production capacity of 160
MW in 2009," stated Charles C. Chang, President of Solartech. "We are excited
to enter this multi-year supply contract and continue building on our
strategic partnership with LDK Solar as we expand our business in the years to
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
sells multicrystalline wafers globally to manufacturers of photovoltaic
products, including solar cells and solar modules. In addition, the company
provides wafer processing services to monocrystalline and multicrystalline
solar cell and module manufacturers. LDK's headquarters and manufacturing
facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi
province in the People's Republic of China. The company's office in the United
States is located in Sunnyvale, California.
Founded in June 2005 in Taiwan, Solartech Energy Corp. (SEC) was
established on the premise of creating a sustainable business that also
provided green energy to the world. SEC currently has more than 100 employees
and R&D experts in Solar Cell technologies who are involved in the business of
research, development, and manufacturing of high efficiency solar cells. The
Company has been equipped with a fully automated production line, which
currently has an annual production capacity of 30 MW but will be expanded from
30 MW to 60 MW in 2007. With an enterprising and pioneering spirit, SEC
strives to provide clean power to the world by expanding its services that
facilitate the growth and expansion of photovoltaic projects while ensuring
high quality products and developing cutting-edge technologies.
Safe Harbor Statement
This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Although LDK Solar believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risk and uncertainties
that could cause actual results to differ materially from those projected.
SOURCE LDK Solar Co., Ltd.
Lisa Laukkanen of The Blueshirt Group, +1-415-217-4967,
email@example.com, for LDK Solar Co., Ltd.; or Jack Lai, Executive VP and
CFO of LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com
-0- Oct/03/2007 7:15 GMT
Press spacebar to pause and continue. Press esc to stop.