LDK Solar to Invest in New Solar Cell and Module Facility
XINYU CITY, China and SUNNYVALE, Calif., August 16, 2010 -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, polysilicon and PV products, today announced that the Anhui Provincial Government has invited LDK Solar to invest in a world class solar cell and module facility in Hefei High-Tech Industrial Development Zone in order to establish a renewable energy manufacturing hub in the Province. The facility will include a total annualized capacity of 1.0 gigawatt of crystalline-based solar cells and 500 megawatts of solar modules, and production is expected to commence in the second quarter of 2011. Hefei High-Tech Construction and Investment Group will provide financing of RMB 2.5 billion to LDK Solar for up to three years to build this facility.
“We are very pleased to receive strong support from Hefei City and look forward to establishing a world class solar cell and module manufacturing facility. With this new investment, we will broaden and expand our research and manufacturing capabilities in the complete solar value chain which enables us to strengthen the support to our module customers and improve our profitability further,” stated Jack Lai, CFO of LDK Solar.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules, and engages in project development activities in selected segments of the PV market. Through its broad product offering of mono and multicrystalline solar wafers and modules, LDK Solar provides its customers with a full spectrum of solutions. 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. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.