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LDK Solar gets RMB60bn from China Development Bank

LDK Solar Co Ltd has entered into a strategic financing agreement with China Development Bank Corporation (CDB) for up to RMB 60 billion (~US$8.9bn) of credit facilities over a five-year period.

LDK Solar says the financing will support its long-term growth initiatives and corporate development plans.

"We are very pleased to enter into this strategic financing agreement with CDB which demonstrates their confidence in and support of LDK Solar," says Xiaofeng Peng, Chairman and CEO of LDK Solar.

"Through our strong partnership with CDB, we will have an enhanced ability to pursue our long-term growth strategy and further strengthen our position within the PV industry market."

Agreement with Q-Cells

LDK Solar has also recently reached an agreement with Q-Cells SE 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 US$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 US$224.9m, by the end of 2011.

Payments totalling US$135m will be made in 2010.

The solar companies have also reached an agreement on pricing terms for the existing solar wafer supply contract which extends to 2018.

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity