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09/02/2008 04:49 AM

LDK Solar Reaches 1GW Goal, Signs New Contract

SustainableBusiness.com News

LDK Solar recently announced reaching the milestone of 1.0 gigawatts (GW) annual production capacity at its solar wafer production facility.

"We are proud to reach this significant milestone and remain confident in our ability to expand to 1.2 GW wafer capacity by the end of 2008. This achievement demonstrates our continued commitment to becoming the largest and lowest cost wafer producer in the solar industry," Xiaofeng Peng, Founder, Chairman and CEO of LDK Solar, said.

LDK Solar's 1.0 GW production capacity is in line with the company's publicly announced plans to reach a target annualized wafer production capacity of up to 1.2 GW by the end of 2008, 2.2 GW by the end of 2009 and 3.2 GW by the end of 2010.

LDK Solar signed a $220 million contract last month with applied Materials, Inc. (Nasdaq: AMAT) to provide equipment for increasing its production capacity. 

New Hyundai Contract

Today, LDK Solar also announced a seven-year contract to supply multicrystalline solar wafers to Republic of Korea-based Hyundai Heavy Industries Co., Ltd (HHI)(HYHZF.PK).

Under the terms of the agreement, LDK Solar will deliver approximately 440 megawatts (MW) of multicrystalline silicon solar wafers to Hyundai Heavy Industries Co., Ltd over a seven-year period, commencing in 2009 and extending through 2015. Hyundai Heavy Industries Co., Ltd will make a down payment representing a portion of the contract value to LDK Solar.

About LDK Solar

LDK Solar Co., Ltd. is a leading manufacturer of 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 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.

Website: http://www.ldksolar.com/

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