LDK Solar Acquires Controlling Interest of Solar Green Technology S.p.A.

Tue Jul 14, 2009 3:15am EDT
 
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XINYU CITY, China and SUNNYVALE, Calif., July 14 /PRNewswire-FirstCall/ -- LDK
Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar
wafers, today announced the acquisition of a controlling interest of Solar
Green Technology S.p.A. ("SGT"), an expert system integrator in the Italian
market.

LDK Solar acquired 70% of Solar Green Technology S.p.A.'s shares. This
investment will boost LDK Solar's efforts to develop additional projects and
strengthen its presence in the Italian PV sector. SGT will provide project
opportunities and technical support in terms of realization and control of PV
turnkey plants to LDK Solar.

"We are very excited to acquire a controlling interest of Solar Green
Technology," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "SGT's
management and workforce have demonstrated strong competence and boasts solid
experience in the PV market.  We believe access to SGT's wealth of resources
will be an effective and immediate tool for LDK Solar efforts in managing
development activity in the Italian PV market, which is currently one of the
most dynamic and profitable European markets."

"We are pleased to have LDK Solar acquire a majority interest of SGT,"
commented Giuseppe Truglio, one of the Solar Green Technology's founders.
"This investment will enable SGT to grow rapidly through its involvement in
several of LDK Solar's important plant projects in Italy and throughout
Europe. Given the current development stage of the Italian PV market, we are
excited to increase our exposure in such a profitable and promising market."

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar
wafers, which are the principal raw material used to produce solar cells. LDK
Solar sells multicrystalline wafers globally to manufacturers of photovoltaic
products, including solar cells and solar modules. In addition, LDK Solar
provides wafer processing services to monocrystalline and multicrystalline
solar cell and module manufacturers. LDK Solar's headquarters and
manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City,
Jiangxi Province in the People's Republic of China. LDK Solar's office in the
United States is located in Sunnyvale, California.

About Solar Green Technology

Solar Green Technology is one of the most experienced Italian system
integrators of turnkey PV plants. Its headquarters is located in Milano and
the main activity area is the whole Italian territory. The company is focused
on the realization of commercial/industrial PV plants and PV parks.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact in this press
release are forward-looking statements, including but not limited to, LDK
Solar's ability to raise additional capital to finance its operating
activities, the effectiveness, profitability and marketability of its
products, the future trading of its securities, the ability of LDK Solar to
operate as a public company, the period of time during which its current
liquidity will enable LDK Solar to fund its operations, its ability to protect
its proprietary information, the general economic and business environment and
conditions, the volatility of LDK Solar's operating results and financial
condition, its ability to attract and retain qualified senior management
personnel and research and development staff, its ability to timely and
efficiently complete its ongoing construction projects, including its
polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's
filings with the Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and are based on
information available to LDK Solar's management as of the date hereof and on
its current expectations, assumptions, estimates and projections about LDK
Solar and the solar industry. Actual results may differ materially from the
anticipated results because of such and other risks and uncertainties. LDK
Solar undertakes no obligation to update forward-looking statements to reflect
subsequent events or circumstances, or changes in its expectations,
assumptions, estimates and projections except as may be required by law.




SOURCE  LDK Solar Co., Ltd.

Lisa Laukkanen, The Blueshirt Group for LDK Solar, +1-415-217-4967,
lisa@blueshirtgroup.com; Jack Lai, Executive VP and CFO, LDK Solar Co., Ltd.,
+1- 408-245-8801, IR@ldksolar.com; Alberto Marasco, VP Sales & Marketing,
Solar Green Technology S.p.A., +39-3491261288, info@solargt.com

 

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