LDK Solar Partners with Uni Land S.p.A. to Develop and Construct PV Plants in Italy
Xinyu City, China and Sunnyvale, California, December 16, 2009 – LDK Solar Co., Ltd. (“LDK Solar”; NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed an agreement with Uni Land S.p.A., an Italian company listed on the Italian Stock Market with operations in land banking, real estate development and renewable energies, to develop and construct PV plants totaling 20 megawatts (MW) in 2010 and 2011.
LDK Solar will manage engineering, procurement and construction of the plants and will also supply the solar modules. Uni Land will finance the PV project operations.
In addition to the agreement to develop PV plants, Uni Land purchased a 1 MW plant located in Apulia Region of Italy with mono-axis technology from LDK Solar for euro 5 million (equivalent to approximately US$7.3 million).
"We are continually expanding LDK Solar's presence in the fast growing Italian market," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "This agreement with Uni Land marks another strategic milestone for us as we strengthen our position in the European PV power plants market, and continue to explore new business opportunities."
"We are proud to announce this partnership with a world solar market leader, LDK Solar. This partnership and PV plant purchase confirms our interest in the Italian PV market and reinforces our brand internationally," commented Alberto Mezzini, President of Uni Land S.p.A.
About LDK Solar (NYSE: LDK)
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 multicrystalline 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. LDK Solar's office in the United States is located in Sunnyvale, California.
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.
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