Attached files
file | filename |
---|---|
8-K - FORM 8-K - Solar Power, Inc. | f57770e8vk.htm |
EX-10.1 - EX-10.1 - Solar Power, Inc. | f57770exv10w1.htm |
EX-10.3 - EX-10.3 - Solar Power, Inc. | f57770exv10w3.htm |
Exhibit 99.1
LDK Solar Agrees to Acquire 70% of Solar Power, Inc. for $33 Million
XINYU CITY, China and SUNNYVALE, Calif., 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 Solars investment provides
strategic benefits to both parties. The transaction significantly strengthens SPIs 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.
SPIs 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.
In addition, LDK Solar will purchase certain components of SPIs manufacturing equipment and assume
total manufacturing control of SPIs former module manufacturing facility in Shenzhen, China. SPI
will maintain a separate logistical team in Shenzhen to enhance project development, design and
related project management functions at a new location in Shenzhen. The transition in
manufacturing is strategic; allowing SPI to focus on development and construction of large scale
and utility scale U.S. solar projects, while maintaining product quality and enhancing its
competitive position. As a vertically integrated manufacturer and supplier of photovoltaic (PV)
products, LDK Solar has more than 20,000 employees worldwide.
We are very pleased with this new strategic relationship, said Xiaofeng Peng, Chairman and CEO of
LDK Solar. We have known the SPI team for several years and have been very impressed with the
quality of their work and the caliber of the customers they serve. We look forward to working
closely with the team that is responsible for outstanding solar projects such as the Staples Center
and the Aerojet solar farm, Chairman Peng stated. This transaction also expands our downstream
vertical integration opportunities and provides LDK Solar and SPI the opportunity to jointly
explore opening manufacturing operations in the U.S. to further enhance SPIs competitive advantage
in North America.
This investment in SPI clearly places our company among the most elite photovoltaic solar
developers today, said Steve Kircher Chairman and CEO of Solar Power, Inc. We are honored that
LDK Solar has placed value in our legacy projects and in our pipeline. Projects such as the Aerojet
solar farm, a 6MW ground mount, single-axis tracking solar system, and the Staples Center, our
first installation of Skymount, SPIs proprietary rooftop system, reflect the quality of our team,
Mr. Kircher added. LDK Solars commitment to project development through capital from their direct
stock purchase clearly enhances our position in the market. The strength of our newly combined
vertical platform should provide us significant competitive advantages going forward, Mr. Kircher
concluded.
The terms of the investment are detailed in the Form 8-K filed by SPI, which outlines the timing of
the proposed investment and closings.
About LDK Solar (NYSE: LDK):
LDK Solar Co., Ltd. (NYSE:LDK) is a leading vertically integrated manufacturer of photovoltaic (PV)
products and the worlds largest producer of multicrystalline wafers. LDK Solar manufactures
polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages
in project development activities in selected segments of the PV market. Through its broad product
offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solars
headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City,
Jiangxi Province in the Peoples Republic of China. LDK Solars office in the United States is
located in Sunnyvale, California. For more information about our company and products, please visit
www.ldksolar.com.
About Solar Power, Inc. (OTCBB: SOPW):
Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages
its value chain from material sourcing, to manufacturing, through post-installation asset
management of its systems, and manufactures its own line of world-class solar modules and
balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic
solar systems to its business, government and utility customers.
Safe Harbor Statement:
This release may contain certain forward-looking statements relating to the business of LDK
Solar Co., Ltd., Solar Power, Inc., or their respective subsidiaries, as well as the solar
industry, which statements can be identified by the use of forward looking terminology such as
believes, expects, should or similar expressions. The forward looking statements contained in
this press release include statements regarding the closing of the Stock Purchase Agreement entered
into by Solar Power and LDK, and future business prospects. The closing of the Stock Purchase
Agreement is subject to customary closing conditions and there is no guarantee that such conditions
will be met. All forward-looking statements are expressly qualified in their entirety by this
Cautionary Statement and the risks and other factors detailed in the respective Company reports
filed with the Securities and Exchange Commission. Neither LDK Solar Co., Ltd. nor Solar Power,
Inc. undertakes any obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be required under
applicable law.
For additional information contact:
Solar Power, Inc:
Mike Anderson
|
Steve Kircher | |
Vice President Marketing
|
Chairman & CEO | |
Solar Power, Inc
|
Solar Power, Inc. | |
(916) 745-0916
|
(916) 745-0900 | |
manderson@solarpowerinc.net |
LDK Solar Co., Ltd.:
For more information contact:
Lisa Laukkanen
The Blueshirt Group for LDK Solar
lisa@blueshirtgroup.com
+1-415-217-4967
Lisa Laukkanen
The Blueshirt Group for LDK Solar
lisa@blueshirtgroup.com
+1-415-217-4967
Jack Lai
Executive VP and CFO
LDK Solar Co., Ltd.
IR@ldksolar.com
+1- 408-245-8801
Executive VP and CFO
LDK Solar Co., Ltd.
IR@ldksolar.com
+1- 408-245-8801