Chinese solar company LDK Solar (NYSE: LDK) said it has completed installation and trial runs of the first production line of solar cells in its newly installed manufacturing facility in Xinyu City.
The new solar cell manufacturing line currently has an annualized capacity of 60 megawatts (MW) and is expected to reach 120 MW by the end of 3Q10.
"Our objectives of in-house cell production are to produce approximately 50% of our module manufacturing needs, thereby reducing the cost of our modules and attaining a stable supply of cells. Our newly established solar cell manufacturing facility in Xinyu City advances this strategy," said Xiaofeng Peng, Chairman and CEO of LDK Solar.
Lawsuit Filed Against Canadian Solar
In a separate announcement, LDK Solar said it has filed an objection for an Arbitration before the China International Economic and Trade Arbitration Commission (CIETAC) in Shanghai against solar panel maker Canadian Solar, Inc. (CSI)(Nasdaq: CSIQ).
LDK Solar also filed a lawsuit to demand compensation from CSI due to what the company says is a breach of a take-or-pay supply agreement signed by the two companies and the illegal termination of the agreement.
LDK Solar signed the 10-year supply agreement with CSI in 2008. LDK Solar asserts that CSI failed to perform its purchase obligations and ceased making payments. LDK Solar believes the 10-year contract is legal and remains effective, and that CSI’s unilateral action constitutes a breach of the contract.
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