LDK Solar has paid US$33 million for a 70% stake in PV solutions developer Solar Power. LDK's involvement will help with the development and management of Solar Power’s project pipeline, which primarily consists of utility-scale power plants and commercial and industrial generation systems.
The terms of the investment also stipulate that LDK agree to purchase certain components of Solar Power’s manufacturing equipment and also assume total control of its module manufacturing facility in Shenzhen, China. Solar Power will maintain a separate logistics team in Shenzhen, charged with enhancing project development, design and management.
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“We are very pleased with this new strategic relationship. We have known the Solar Power team for several years and have been very impressed with the quality of their work and the calibre of the customers they serve,” said LDK’s chairman and CEO, Xiaofeng Peng. “This transaction also expands our downstream vertical integration opportunities and provides LDK Solar and Solar Power the opportunity to jointly explore opening manufacturing operations in the U.S. to further enhance Solar Power's competitive advantage in North America.”
“This investment in Solar Power clearly places our company among the most elite photovoltaic solar developers today,” said Steve Kircher, chairman and CEO of Solar Power. “We are honored that LDK Solar has placed value in our legacy projects and in our pipeline. Projects such as the Aerojet solar farm and the Staples Center, our first installation of Skymount, Solar Power's proprietary rooftop system, reflect the quality of our team.
