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8-K - FORM 8-K - Solar Power, Inc. | f58790e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
LDK Solar Finalizes Acquisition of 70% of Solar Power, Inc. for $33 Million
XINYU CITY, China, SUNNYVALE, CA and Roseville, CA., March 31, 2011 LDK Solar Co., Ltd.
(LDK Solar) (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products,
and Solar Power, Inc. (SPI) (OTCBB:SOPW), announced today that LDK Solar has finalized its
acquisition of a 70% interest in SPI for approximately $33 million. LDK paid an initial $10
million in January and today announced it has finalized the transaction with a second payment of
$23 million.
The transaction adds significant financial strength to SPIs balance sheet, enabling the
acceleration of the development of its project pipeline, which primarily consists of utility-scale
power plants and commercial/industrial distributed generation systems. SPIs growing development
portfolio and pipeline, in turn, should provide LDK Solar with enhanced downstream benefit to its
vertical integration model through module supply for large-scale projects.
We are very pleased to have this transaction concluded, said Xiaofeng Peng, Chairman and CEO for
LDK Solar. SPI provides a strong strategic complement to our downstream vertical integration
opportunities and provides LDK Solar and SPI the opportunity to jointly explore opening
manufacturing operations in the U.S. to further enhance SPIs competitive advantage in North
America.
We are happy to be part of the growing LDK global team, said Steve Kircher CEO for SPI. The
strength of our newly combined vertical platform should provide us significant competitive
advantages going forward, Mr. Kircher concluded.
The terms of the investment are more particularly detailed in the Stock Purchase Agreement dated
January 5, 2011, as filed in the Companys report on Form 8-K with the Securities and Exchange
Commission on January 6, 2011.
About LDK Solar (NYSE: LDK):
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic
(PV) products and a leading manufacturer of solar wafers in terms of capacity. LDK Solar
manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company
also engages in project development activities in selected segments of the PV market. Through its
broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK
Solars headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu
City, Jiangxi Province in the Peoples Republic of China. LDK Solars office in the United States
is located in Sunnyvale, California. For more information about LDK Solar and its products, please
visit www.ldksolar.com.
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. (SPI) is a vertically integrated photovoltaic solar developer offering its own
brand of high-quality, low-cost distributed generation and utility-scale solar energy facility
development services. Through the Companys close relationship with LDK Solar, SPI extends the
reach of its vertical integration from silicon to system. From project development, to project
financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic
solar energy facilities to its business, government and utility customers. For additional
information visit: www.spisolar.com.
Safe Harbor Statement:
This release contains certain forward-looking statements relating to the business of Solar Power,
Inc., its subsidiaries and the solar industry, which can be identified by the use of forward
looking terminology such as believes, expects or similar expressions. The forward looking
statements contained in this press release include statements regarding the Companys ability to
execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply
agreements, and market acceptance of products and services. These statements involve known and
unknown risks and uncertainties, including, but are not limited to, general business conditions,
managing growth, and political and other business risk. All forward-looking statements are
expressly qualified in their entirety by this Cautionary Statement and the risks and other factors
detailed in the Companys reports filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be required under applicable
securities law.
For additional information contact:
SPI: Mike Anderson, VP Corporate Communications SPI +1-916-745-0916 manderson@spisolar.com LDK Solar Co., Ltd.: Lisa Laukkanen The Blueshirt Group for LDK Solar lisa@blueshirtgroup.com +1-415-217-4967 Jack Lai Executive VP and CFO LDK Solar Co., Ltd. IR@ldksolar.com +1- 408-245-8801 |
Steve Kircher, CEO SPI +1-916-745-0900 |