Thursday, February 28, 2008

LDK to supply Hyundai Heavy Industries with solar wafers

February 22, 2008

The eight-year agreement is for 450 megawatts of multicrystalline solar wafers.

Xinyu, China-based LDK Solar (NYSE: LDK) announced today that it signed a contract to supply solar wafers to South Korea's Hyundai Heavy Industries.

LDK did not disclose the financial terms of the contract, but said the eight-year deal is for 450 megawatts of multicrystalline solar wafers.

"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," said Xiaofeng Peng, chairman and CEO of LDK.

LDK said the supply would begin later this year and run through 2015, with Hyundai Heavy Industries making an undisclosed advanced payment to LDK Solar.

"Having visited LDK Solar's polysilicon plant in Xinyu City, China, several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," said Kwon-Tae Kim, executive VP at Hyundai Heavy Industries.

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