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LDK Solar, Q-Cells Enter Agreement for Existing Wafer Supply Contract

Sep 23 2010

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LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced that it has reached an agreement with Q-Cells SE (Q-Cells) regarding an existing solar wafer supply contract that the two companies entered into in December of 2007.

LDK Solar has agreed to an early repayment of the prepayment of $244.5 million Q-Cells made pursuant to the supply agreement. Under the new agreement, LDK Solar will repay the prepayment in its entirety, which currently stands at $224.9 million, by the end of 2011.  Payments totalling $135 million will be made in 2010. The current repayment will be funded by restricted cash, which was previously earmarked for such transactions.

At the same time, both parties reached an agreement on pricing terms for the existing solar wafer supply contract which extends to 2018.

Source:

http://www.ldksolar.com/

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