XINYU CITY, China and SUNNYVALE, Calif., May 5 /PRNewswire-FirstCall/ --LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystallinesolar wafers, today announced that it has signed a five-year contract tosupply multicrystalline solar wafers to Germany-based Qimonda AG (Qimonda).
Under the terms of the agreement, LDK Solar will deliver approximately 540MW of multicrystalline solar wafers to Qimonda (or its new joint venture withCentrosolar) over a five-year period commencing in 2009 through 2013. Qimondawill make an advanced payment representing a portion of the contract value toLDK Solar. Qimonda is leveraging its experience with silicon suppliers, aswell as the availability of scrap silicon from its DRAM operations, to set upsupply contracts with favorable terms. The signed agreement furthermore allowsLDK to receive scrap silicon material from Qimonda's chip productionoperations. Silicon supply for the initial capacity has been secured withwafers from LDK.
'We are excited to enter this long-term wafer supply agreement withQimonda as they launch a new joint venture in the solar business,' statedXiaofeng Peng, Chairman and CEO. 'We are very pleased to have secured anadditional resource of scrap silicon material through this strategicpartnership.'
'We are pleased to build the long term partnership with the leading wafermanufacturer in China as we have newly entered the exciting field in renewableenergy,' commented Kin Wah Loh, President and Chief Executive Officer ofQimonda AG. 'We look forward to building a new competitive edge in the solarbusiness with the support of LDK Solar.'
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solarwafers, which are the principal raw material used to produce solar cells. LDKsells multicrystalline wafers globally to manufacturers of photovoltaicproducts, including solar cells and solar modules. In addition, the companyprovides wafer processing services to monocrystalline and multicrystallinesolar cell and module manufacturers. LDK's headquarters and manufacturingfacilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxiprovince in the People's Republic of China. The company's office in the UnitedStates is located in Sunnyvale, California.
About Qimonda
Qimonda AG (NYSE: QI) is a leading global memory supplier with a broaddiversified DRAM product portfolio.
