In an expected move to strengthen its financial position, LDK Solar has announced a new line of credit worth approximately US$146 million from the Agricultural Development Bank of China and a US$29 million loan from China Development Bank. LDK Solar said it had unused credit facilities totalling US$785 million as of April 14, 2009.
“We are very pleased to secure this loan and line of credit and further strengthen our financial position, particularly at a time when many businesses are being impacted by the tight credit markets,” stated Xiaofeng Peng, Chairman and CEO of LDK Solar. “We are excited that our local banks have shown their financial support for LDK Solar and the continued development of the solar industry in China. We will continue to explore the opportunity in strengthening our business presence in the Chinese solar industry.”