Weintraub Genshlea Chediak Client SOLAR POWER, INC. Acquired by LDK SOLAR CO., LTD.
January 6 2011
Download: LDK-SPI Joint Press Release.pdf
XINYU CITY, China, SUNNYVALE, CA and Roseville, CA., January 6, 2011 – LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, high purity polysilicon and PV products, and Solar Power, Inc. ("SPI") (OTCBB:SOPW), announced today that LDK Solar agreed to acquire a 70% interest in SPI for approximately $33 million. LDK Solar’s investment provides strategic benefits to both parties. The transaction signifcantly strengthens SPI’s balance sheet, which will enable the acceleration of the development of its project pipeline, which primarily consists of utility-scale power plants and commercial/industrial distributed generation systems. SPI’s growing development portfolio and pipeline, in turn, should provide LDK Solar with enhanced downstream benefit to its vertical integration model through module supply for large scale projects.
To view the entire press release, please click on the PDF link above.