Lenders Agreed to Forbear with Respect to LDK Solar Securities Pledged Under LDK New Energy Loan Facility

XINYU CITY, China and SUNNYVALE, Calif., Oct. 2, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that it understands that LDK New Energy Holding Limited ("LDK New Energy"), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to the loan outstanding under a credit agreement, dated as of September 26, 2011, as amended (the "Credit Facility"), among LDK New Energy and the lenders, pursuant to which LDK New Energy has pledged collateral, including ordinary shares and ADSs of LDK Solar representing approximately an aggregate of 52.9% of LDK Solar's total outstanding share capital.  LDK Solar further understands that such lenders have agreed to forbear from exercising their power of sale with regard to certain of the pledged collateral arising as a result of various prior defaults under the Credit Facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions in the forbearance arrangement and negotiation and finalization of the definitive documentation, including an amended and restated Credit Facility.

About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of PV products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal 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. For more information about LDK Solar and its products, please visit www.ldksolar.com.

SolarCity Raises $81 Million in Growth Capital from Group Led by Silver Lake Kraftwerk and Valor Equity Partners

SAN MATEO, Calif.--(Solar Energy News)--SolarCity® today announced that it has raised $81 million in equity financing. The round was co-led by Silver Lake Kraftwerk and Valor Equity Partners, and included investments from Nicholas J. Pritzker, partner at Tao Ventures and senior development advisor for Hyatt Hotels Corp., and Shea Ventures, an affiliate of SolarCity partner Shea Homes. SolarCity Chairman Elon Musk and existing SolarCity investor DBL Investors also participated. The new financing will fund SolarCity’s expansion of sales, marketing and operations, technology development and potential acquisitions.

“Individuals and organizations of all shapes and sizes are fed up with the growing cost and consequences of traditional energy,” said Lyndon Rive, SolarCity’s CEO. “This investment provides SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more customers.”

Silver Lake Kraftwerk (SLK) is an investment strategy of Silver Lake, the global leader in private investments in technology and technology-enabled industries. SLK was created to provide growth capital to innovators in the energy and resource sectors.

“SolarCity is the leader in its space,” said Raj Atluru, co-founder of Silver Lake Kraftwerk. “The company’s unique, vertically-integrated model, paired with incentives and falling technology costs, allows it to provide solar electricity to customers at lower rates than they pay for utility power. We’ve thoroughly analyzed SolarCity’s full-service approach to solar and energy efficiency and we believe it has the ability to deliver superior customer experience and service across multiple sectors.”

Valor Equity Partners pursues investments in leaders in their respective markets. Valor is also an investor in Tesla Motors.

“SolarCity is making clean energy more accessible and affordable, and we’re excited for the opportunity to invest in its operations,” said Antonio Gracias, CEO of Valor Equity Partners.

SolarCity allows homeowners, businesses and non-profit organizations to buy renewable energy for less than they currently pay for electricity from utilities. The company has more than 30,000 clean energy projects completed or underway. SolarCity has hired more than 1,500 full-time employees to support its full-service model, and was named #10 in Fast Company’s list of the 50 most innovative companies in the world in 2012.

About SolarCity

SolarCity® — a national leader in clean energy services — provides homeowners, business and government organizations cleaner, more affordable alternatives to their utility bills. The company makes it simple for customers to lock in lower, long-term rates for clean energy by providing everything from permitting and installation to ongoing monitoring and maintenance. Additional information about the company is available on the Web at www.solarcity.com.