LDK Solar Co., Ltd. (NYSE: LDK), a manufacturer of solar wafers, has signed an eight-year contract with Japan- based Sumitomo Corporation (SC), a trading and investment house in Japan, to supply multicrystalline solar wafers to an undisclosed manufacturer of solar cells and modules in Japan.
Under terms of the agreement, LDK Solar will deliver approximately 750 megawatts (MW) of multicrystalline silicon wafers to Sumitomo over an eight-year period, commencing in 2009 and extending through 2016. Sumitomo will make an advanced payment representing a portion of the contract value to LDK Solar.
No further financial details were supplied.
"We are excited to announce this agreement with Sumitomo to supply high- quality wafers to Japan’s leading manufacturer of solar modules," Xiaofeng Peng, Chairman and CEO of LDK Solar. "For LDK Solar, this supply contract with another industry leader, signifies another step towards our goal of becoming the leading supplier of wafers worldwide."
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.
About Sumitomo Corporation
Sumitomo Corporation engages in diverse business activities through its worldwide network. These include various domestic and overseas transactions and import and export of a wide range of goods and commodities, and also providing a wide range of services and investing, in the fields of, such as metals, transportation and construction systems, machinery and electricity, media, electronics and network, chemicals, mineral resources and energy, consumer goods and services, materials and real estate, and finance and logistics.
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