LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed an 11-year agreement to process upgraded metallurgical grade (UMG) solar-grade silicon provided by Germany-based Q-Cells AG (QCE.DE) into wafers.
Under the terms of the agreement, LDK Solar will process a minimum of 20,000 metric tons of UMG solar-grade silicon in the years 2008-2018, with an option to process an additional 21,000 metric tons during the same period. The processing service agreement is linked to a Memorandum of Understanding between the parties for LDK Solar to supply Q-Cells with up to five gigawatts (GW) of multicrystalline solar wafers via a "take or pay" contract for the ten-year period between 2009-2018.
"We are very pleased to expand our long-standing relationship with Q-Cells with this significant processing and supply arrangement," stated Xiaofeng Peng, Chairman and CEO of LDK Solar."
Anton Milner, CEO of Q-Cells AG, said, "This long-term processing service agreement with LDK linked with additional wafer supplies of up to 5 GW over the next ten years ensures that both companies will be in a strong position to achieve our growth and cost reduction plans."
About LDK Solar
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 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. Its office in the United States is located in Sunnyvale, California.
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of solar cells worldwide. In 2008, with more than 2,000 employees, the company will produce multi-crystalline and mono-crystalline solar cells with a total performance of 585 megawatt peak and deliver them worldwide to manufacturers of solar modules. More than 250 scientists and engineers at Q-Cells are working on advancing the technology so as to achieve the objective of the company–reducing photovoltaic costs quickly and on a sustained basis and making them competitive. In addition to the activities in its core business several Q-Cells AG subsidiaries have started to produce photovoltaic modules on the basis of various thin-film technologies.
Loading...