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LDK Solar secures loans from CDB for 3 projects in the U.S.

Jan. 6, 2012 (China Knowledge) - LDK Solar Co Ltd<LDK>, the world's largest manufacturer of multi-crystalline solar wafers, has acquired 15-year loans worth US$64 million in total from China Development Bank, a state-controlled lender, to fund three solar power projects in the U.S.

US$20 million of the total fund will be used to develop two photovoltaic projects in California, said New York-listed LDK Solar, adding that a subsidiary SPI Solar will use the remaining US$44 million to fund a PV plant in New Jersey with the cooperation of KDC Solar LLC.

Steve Kircher, Chief Operating Officer of SPI Solar, said the company will continue teaming up with CDB for more international PV projects.

Last June, LDK Solar and SPI Solar signed a preferred provider agreement with KDC Solar to fund a total of US$750 million at least to develop the above three PV projects in the U.S.

LDK Solar has announced plans to acquire a 33% stake in Frankfurt-listed Sunways AG for more than EUR 2.2 million, equivalent to EUR 1.90 apiece.

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