Established in 2005 in China, LDK Solar Co., Ltd. (NYSE: LDK) is a leading producer of solar wafers in terms of capacity and a leading high-purity polysilicon and solar module manufacturer. LDK manufactures and markets multicrystalline and monocrystalline wafers to manufacturers of solar cells and modules. Company’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xin Yu City Jiang Xi Province in the People’s Republic of China. LDK Solar maintains sales, marketing, and customer service offices throughout Asia, Europe and North America.
LDK today announced that China Development Bank Corporation (“CDB”) has recently approved a RMB 440,000,000 (approximately USD 69.8 million) loan to finance the technology upgrade for the Mahong Polysilicon Plant.
China Development Bank in 2010 extended as much as 60 billion yuan to LDK in a five-year credit facility. The Mahong plant had a capacity to produce 15,800 metric tons of polysilicon annually.
To date, LDK Solar has invested over RMB 12,000,000,000 (approximately USD 1.9 billion) in the Mahong Polysilicon Plant. These investments have been the primary reason for LDK Solar’s high debt ratio. LDK Solar remains focused on continued investment in hydrochlorination technology and reducing the cost of silicon production.