January 31, 2013 / 9:05 AM / 5 years ago

LDK Solar says China Development Bank approves $69.8 mln loan

Jan 31 (Reuters) - LDK Solar Co Ltd said China Development Bank Corp approved a 440 million yuan ($69.8 million) loan, as the country’s state-run banks continue to extend credit to its solar companies.

The loan will be used to finance LDK’s investment in hydrochlorination technology for the Mahong Polysilicon Plant, in which U.S.-listed LDK Solar has invested more than 12 billion yuan to date.

Beijing has already provided billions of dollars in credit lines and other support to its solar industry through state-run banks, prompting the U.S. government to impose import duties.

LDK Solar plans to draw down on the loan as market conditions improve and the necessary equipment is ready for its use, the company said in a statement.

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