News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/ldk-solar-acquires-majority-solar-power-stake.html

LDK Solar, a manufacturer of photovoltaic products, has finalised its acquisition of a 70 per cent interest in the photovoltaic solar developer, Solar Power (SPI), for approximately $33m.

LDK had paid an initial $10m in January and has finalised the transaction with its second payment of $23m.
The acquisition adds financial strength to SPI’s balance sheet, enabling the advancement of the development of its project pipeline, which consists of utility-scale power plants and commercial distributed generation systems.
SPI’s pipeline and development portfolio will provide LDK with enhanced downstream benefit to its vertical integration model through module supply for large-scale projects.
Chairman and CEO of LDK, Xiaofeng Peng, said, ‘SPI provides a strong strategic complement to our downstream vertical integration opportunities and [the acquisition] provides LDK Solar and SPI the opportunity to jointly explore opening manufacturing operations in the US to further enhance SPI’s competitive advantage in North America.’