(By Balachander) LDK Solar Co. Ltd. (NYSE: LDK) said China Development Bank Corp. has approved a 440 million yuan ($70.7 million) loan to be used to finance its investment in hydrochlorination technology for the Mahong Polysilicon plant.
The China-based maker of solar wafer said it plans to drawdown the loan as market conditions improve and the necessary equipment is ready for its use.
LDK Solar said it has invested over 12 billion yuan ($1.92 billion) to date in the Mahong Polysilicon plant, thus raising its debt burden.
The facility had a capacity to produce 15,800 metric tons of polysilicon annually, Bloomberg reported.
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The company makes polysilicon, mono and multicrystalline ingots, wafers, modules and cells. LDK Solar also engages in project development activities in selected segments of the PV market.
U.S.-listed shares of LDK traded 7.14 percent higher at $1.65 at 1.59 pm ET on Thursday. The stock has been trading in the 52-week range between $0.71 and $6.92.