LDK Solar closes on US$33 million deal for 70% acquisition of Solar Power
Mar 30, 2011 - Syanne Olson - pv-tech.org
LDK Solar has finalized its purchase of 70% interest in Solar Power under a US$33 million deal. An initial US$10 million was paid in January with the remaining US$23 million closing today. The companies look to this acquisition enabling Solar Power to enhance their project pipeline, while supporting LDK Solar’s prospects for its vertical integration model through module supply for large-scale projects.
Xiaofeng Peng, chairman and CEO for LDK Solar commented, “SPI provides a strong strategic complement to our downstream vertical integration opportunities and provides LDK Solar and SPI the opportunity to jointly explore opening manufacturing operations in the U.S. to further enhance SPI’s competitive advantage in North America.”