Seville acquires 70% of SPI company

LDK Solar Energy Co., Ltd. ("LDV"), the world's leading supplier of photovoltaic products, (NYSE:LDK) announced that it will acquire Solar Power Inc. for about US$33 million. ) (hereinafter referred to as "SPI") (US counter trading market code: SOPW) 70% of shares.

SPI is a well-known photovoltaic company in the United States. It provides a full set of world-class leading photovoltaic power generation systems for industrial and commercial, government, utility and residential facilities in the United States. This acquisition is an important measure for LDK to expand into the North American market, and is also an important step for LDK to deepen its internationalization strategy.

The two parties jointly issued this news before the US stocks opened on January 5. The two parties stated that this acquisition will be a strategic win-win move. On the one hand, it will help increase SPI's financial strength and operating capability, and increase SPI's construction capacity and implementation capability of public photovoltaic power plants and distributed photovoltaic power plants; on the other hand, it also has Help enhance LDK's ability to integrate the industry chain, especially in the downstream of PV, and strengthen LDK's business model of LDK's competitive advantage.

In addition, LDK will acquire certain parts of the SPI production equipment and fully manage the PV component factory in Shenzhen, China before SPI. SPI will maintain an independent team in Shenzhen to strengthen the development, design and management capabilities of the project. After the completion of the acquisition, SPI has changed its strategic development orientation. SPI will pay more attention to the expansion and construction of large-scale and public PV projects in the United States. LDK, with more than 20,000 employees, has the world's leading photovoltaic industry. The product production and supply capabilities will help SPI focus on competitive markets, improve product quality and strengthen its competitive position.

“We are very excited about the strategic cooperation with SPI,” said Peng Xiaofeng, LDK Chairman and Chief Executive Officer. “The SPI team has a long-standing reputation in the photovoltaic industry, and their impressive quality and efficient work and excellent customer service standards are impressive. We are looking forward to working closely with the SPI team on well-known landmark PV projects such as Staples Center (a well-known sports building in the United States, the home of the NBA Los Angeles Lakers) and Aerojet solar farms. Strengthening LDK LDK's downstream integration capability is of great significance, providing opportunities for LDK and SPI to further explore the U.S. market, and will also further strengthen the competitiveness of both parties in the North American market."

Steve Kircher, SPI's chairman and chief executive officer, said: "This cooperation makes SPI the world's best PV developer. We are very honored that LDK can invest in us. The project reflects the strength of the SPI team. For example, the single-axis tracking system used by the Aerojet solar farm 6 MW terrestrial photovoltaic power plant is the industry leader, and the Skymount installation installed at the Staples Stadium is the SPI's unique roof photovoltaic power station system."

Kilser concluded: "The acquisition of LDK LDK provides guarantees for project development. This will strengthen our position in the market and provide SPI and LDK investors with a promising future. In the new vertical On the integrated platform, our competitive strength will be strengthened, and our competitive advantage will be more obvious and continue to be maintained."