SUNNYVALE, Calif. and XINYU CITY, China, Sept. 12 /PRNewswire-FirstCall/
-- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline
solar wafers, announced today that it has signed an 11-year processing service
agreement to process upgraded metallurgical grade (UMG) solar-grade silicon
provided by Germany-based Q-Cells AG into wafers.
Under the terms of the agreement, LDK Solar will process a minimum of
20,000 metric tons of UMG solar-grade silicon in the years 2008-2018, with an
option to process an additional 21,000 metric tons during the same period.
The processing service agreement is linked to a Memorandum of Understanding
between the parties for LDK Solar to supply Q-Cells with up to five giga watts
of multicrystalline solar wafers via a 'take or pay' contract for the ten-year
period between 2009-2018.
'We are very pleased to expand our long-standing relationship with Q-Cells
with this significant processing and supply arrangement,' stated Xiaofeng
Peng, Chairman and CEO of LDK Solar. 'We believe this new long-term
collaboration is a testament to the quality of our products and the strength
of our customer relationships. We are excited with the opportunity to deliver
both Nova wafers produced from UMG-si as well as wafers produced from standard
high-purity polysilicon feedstock. And we are pleased to be able to continue
to support Q-Cells' growth plans.'
'LDK has been a both reliable and extremely dynamic partner and we are
pleased to strengthen our business relationship with this company,' stated
Anton Milner, CEO of Q-Cells AG. 'This long-term processing service agreement
with LDK linked with additional wafer supplies of up to 5 GW over the next ten
years ensures that both companies will be in a strong position to achieve our
growth and cost reduction plans.'
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
Solar sells wafers globally to manufacturers of photovoltaic products,
including solar cells and solar modules. In addition, LDK Solar provides
wafer processing services to monocrystalline and multicrystalline solar cell
and module manufacturers. LDK Solar's headquarters and manufacturing
facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi
Province in the People's Republic of China. Its office in the United States is
located in Sunnyvale, California.
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of solar
cells worldwide. In 2008, with more than 2,000 employees, the company will
produce multi-crystalline and mono-crystalline solar cells with a total
performance of 585 megawatt peak and deliver them worldwide to manufacturers
of solar modules. More than 250 scientists and engineers at Q-Cells are
working on advancing the technology so as to achieve the objective of the
company -- reducing photovoltaic costs quickly and on a sustained basis and
making them competitive. In addition to the activities in its core business
several Q-Cells AG subsidiaries have started to produce photovoltaic modules
on the basis of various thin-film technologies. Q-Cells AG has branches in
Hong Kong, China and Japan, is listed on the Frankfurt Stock Exchange
(QCE; ISIN DE0005558662) and included in the TecDAX, the German technology
index.
Safe Harbor Statement
This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Although LDK Solar believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risk and uncertainties
that could cause actual results to differ materially from those projected.
SOURCE LDK Solar Co., Ltd.
