China Development Bank approves LDK’s project loan for two solar plants totalling 8MW

Financials

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Updated:

LDK Solar revealed that China Development Bank (CDB) approved a 15-year loan for two solar plants with a combined 8MW capacity. Both plants are located in California and are wholly owned by LDK Solar. It was noted that CDB also approved two-year construction financing for Solar Power, which is majority owned by LDK Solar. The financing will go towards its New Jersey projects. It has been reported that LDK Solar obtained financing facilities of US$20 million for the two projects, which are being developed through an EPC contract with SPI.

CDB additionally agreed to a 15-year buyer’s credit to KDC Solar for the Imclone and White Rose solar plants based in New Jersey. The company received US$44 million from CDB to fund the two construction of the two projects, which are being built with support by SPI Solar.

"The credit support from CDB not only satisfies LDK Solar's own PV project financing demand, but also meets the end customer's financing needs, which is expected to greatly promote LDK Solar's module sales and EPC business," stated Xiaofeng Peng, chairman and CEO of LDK Solar.  "With the continuous support from CDB, LDK Solar will continue expanding its self-owned project development overseas, establish strategic partnerships and maintain a long-term stable cooperation with project owners to achieve a win-win situation for both parties."

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