Q-Cells and LDK Solar Announce Formation of Joint Venture for Development of PV Systems in Europe and China

XINYU CITY, China and SUNNYVALE, Calif., April 8 /PRNewswire-FirstCall/ -- Q-Cells SE and LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK) today announced the formation of a joint venture focusing on PV systems and market development in Europe and China. Given their complementary core business models and regional market expertise, the two companies intend to take advantage of value chain optimization and integrated cost reduction.

A joint project pipeline is already in place and the first 40MW project has commenced. The projects of the joint venture will utilize solar wafers from LDK Solar and solar cells from Q-Cells, and will not require additional working capital financing or other funding from the two companies. The joint venture is already in discussions with potential buyers of the first turn-key project, which will be in Europe, and is in the planning stages for future joint projects in the emerging Chinese market.

The partnership between the two companies in the area of PV systems is not intended to be exclusive, but rather to focus on developing specific projects of mutual benefit, with the shared goal of accelerating the move to grid parity.

"We are very pleased to announce this joint venture and further expand our relationship with LDK Solar," commented Anton Milner, CEO of Q-Cells SE. "This joint venture will strengthen our position in the crucial business area of large-scale PV power plants."

"We look forward to the many new opportunities that will emerge as a result of our partnership with Q-Cells," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "As leaders of the solar industry, we are excited to announce this joint venture for exploring and developing new business."