UPDATE 1-LDK Solar signs $300 mln sales deal with BYD

* LDK Solar, China’s BYD sign polysilicon sales deal

* Sales agreement is valid for two years

* Shipments expected to commence in Jan 2011

(Adds details)

Oct 25 (Reuters) - Chinese solar wafer maker LDK Solar Co Ltd LDK.N said on Monday it has signed a two-year polysilicon sales agreement valued at about $300 million with Chinese car and battery maker BYD Company Ltd 1211.HK.

As per the terms of the sales deal, LDK Solar will supply polysilicon with monthly shipments expected to commence in January 2011 and extend through the end of 2012, LDK said.

A deposit for this two-year contract has already been received, LDK said.

“We are very excited to add BYD, a leading high-tech enterprise that has a strong commitment to the green energy sector, as a key customer,” LDK Solar Chief Executive Xiaofeng Peng said in a statement.

BYD is 10 percent owned by U.S. billionaire Warren Buffett's Berkshire Hathaway BRKa.N. (Reporting by Sakthi Prasad in Bangalore; Editing by Jon Loades-Carter)