LDK Solar Co., a Chinese maker of solar panels, rose the most in two weeks after announcing contracts to build three projects in the country’s Gansu province with at least 600 megawatts of capacity.
LDK’s American depositary receipts gained 3.4 percent to $1.75 at 10:16 a.m. in New York. Earlier it rose as much as 9.5 percent, the most intraday since May 11. Each ADR is worth one ordinary share.
The company signed a three-year contract to supply and install 200 megawatts of its panels for a solar farm in Jayuguan City, a two-year, 200-megawatt deal in Zhangye City and a 200-megawatt agreement for a project in Jiuquan City, Xinyu, China-based LDK said today in a statement. It didn’t name the client.
LDK’s shares have fallen 59 percent this year as overcapacity in the solar sector and slowing demand growth have squeezed margins and pushed panel prices down 53 percent.