China Development Bank-led consortium takes stake in LDK Solar subsidiary

The investors include the China Development Bank Capital Corporation, a subsidiary of the China Development Bank Corporation; Excel Rise Holdings Limited; Prosper East Limited; the China Construction Bank Corporation; and an unnamed “major Chinese bank.” According to a statement from the companies, the investment comes as Series A redeemable convertible preferred shares of LDK Silicon & Chemical Technology Co.
Launched in 2005, LDK Solar recently repurchased a 15% ownership stake in its 15,000-metric-ton polysilicon plant from Jiangxi International Trust and Investment Co., Ltd, this week acquire a 70% interest in Solar Power Inc. for approximately $33 million.

“New energy revolution is a technology transformation marked by the wide applications of direct utilization of natural energy. A successful new energy company in the future must have the following characteristics: superiority in technology, economics of scale and the ability to lower costs,” Zhang Xuguang, President of China Development Bank Corporation, said in a statement. “We believe LDK Solar is a company with such capabilities, and the $240 million investment in LDK Silicon led by CDBC will continue to strengthen LDK Solar’s leading position in the solar industry.”

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• Topics
• Expansion
• Infrastructure
• Greater China