LDK Solar Gets $64 Million in China Funding for U.S. Projects
LDK Solar Co. (LDK), China’s second-largest solar-panel maker, got $64 million in construction financing facilities from the country’s state-owned China Development Bank (SDBZ) for projects in New Jersey and California.
SPI Solar, which is 70 percent-owned by LDK, got $44 million from the bank for projects in New Jersey it’s building for developer KDC Solar LLC, Roseville, California-based SPI said today in a statement. LDK got $20 million in financing for two projects that SPI will develop and build in California.
The company’s relationship with China Development Bank is the result of working with LDK, SPI Chief Executive Officer Steve Kircher said in the statement. “As we continue to develop our pipeline of projects globally, our partnership with CDB grows stronger,” he said.
SPI and LDK agreed in June to provide construction financing for as much as $750 million in solar projects as part of a three-year preferred partnership agreement with Bedminster, New Jersey-based KDC Solar. The pact established a minimum committment of 150 megawatts with a goal of building 300 megawatts of projects in New Jersey and New York.
To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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