LDK Solar Co., Ltd. (NYSE: LDK), a manufacturer of multicrystalline solar wafers, announced today that it has signed a 10-year “Take or Pay” contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.
Under the terms of the agreement, LDK Solar will deliver more than 6 gigawatts of multicrystalline solar wafers to Q-Cells over a ten-year period commencing in 2009 through 2018.
Q-Cells will make 10% prepayments to assist LDK with financing the expansion required to supply the volumes, according to the agreement. Additionally, Q-Cells has the option to purchase further silicon wafers if LDK expands its production capacity.
“We are very pleased to expand our long standing relationship with Q-Cells with this significant supply agreement,” stated Xiaofeng Peng, Chairman and CEO. “We believe this contract is a testament to the quality of our products and strong customer relationships. We are also pleased to continue to support Q-Cells’ growth plans.”
About LDK Solar
LDK Solar Co., Ltd. is a manufacturer of multicrystalline solar wafers. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People’s Republic of China. The company’s office in the United States is located in Sunnyvale, California.
About Q-Cells AG
Founded in 1999, Q-Cells AG, based in Thalheim, Germany, is the leading independent manufacturer of solar cells worldwide and one of the most rapidly growing companies in the PV industry. With its current workforce of more than 1,700 employees, Q-Cells expects to produce multi- and mono-crystalline silicon cells with a total output of 370 MWp in 2007. Q-Cells supplies independent module manufacturers in all strategic markets throughout the world.
Q-Cells is currently in the process of increasing its production capacity in the core business to more than 500 MWp until the end of 2007. In addition Q-Cells is substantially commercializing several thin-film technologies through its subsidiaries.
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