LDK Solar has signed an an agreement to sell a 15% ownership stake in its 15,000MT annualized capacity polysilicon plant in Xinyu City, China, to Jiangxi International Trust and Investment. The purchase price is approximately RMB1.5 billion (about US$219 million).
“We are very pleased with the continued support of our business from local financial institutions, as evidenced by this recent development,” said Xiaofeng Peng, chairman/CEO of LDK Solar (pictured). “Jiangxi International Trust and Investment Co.’s investment in our 15,000 MT polysilicon plant will significantly strengthen our financial position and increase our near-term operating flexibility.
“We are pleased with the ongoing progress in ramping our 15,000 MT plant and look forward to providing a comprehensive update during our upcoming earnings call,” he added. The quarterly earnings conference call will take place Monday, Nov. 23.
The company completed the first production run at the Xinyu City plant in early September. LDK is also mired in a legal dispute over its wafer supply agreement with Q-Cells.