XINYU CITY, China and SUNNYVALE, Calif., Dec. 10 /PRNewswire-FirstCall/-- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a 10-year "Take or Pay" contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.
Under the terms of the agreement, LDK Solar will deliver more than 6 giga watts of multicrystalline solar wafers to Q-Cells over a ten-year period commencing in 2009 through 2018. LDK will use polysilicon from its polysilicon plant that is currently under construction, or other sources. Q-Cells shall make prepayments in the order of 10% of the silicon value to
assist LDK with financing the expansion required to supply these volumes. Additionally, Q-Cells has the option to purchase further silicon wafers if LDK expands its production capacity.
"We are very pleased to expand our long standing relationship with Q-Cells with this significant supply agreement," stated Xiaofeng Peng, Chairman and CEO. "We believe this contract is a testament to the quality of our products and strong customer relationships. We are also pleased to continue to support Q-Cells' growth plans."
"LDK has been a highly reliable partner and we are pleased to deepen our business relationship with the company," stated Anton Milner, CEO of Q-Cells AG. "This 10-year contract with LDK ensures that we will continue to receive their high-quality multicrystalline wafers in support of our growth plans."
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