LDK Solar released an update today describing the progress they have made so far in the construction of their 1000-metric ton polysilicon plant. Expect them to update their 4th quarter production estimates in a separate statement, but here’s where they are as far as building the plant in concerned, according to their press release:
Equipment installation for the 1,000 MT annualized capacity polysilicon plant has been completed and plant process commissioning has commenced. To date,
LDK Solar raised its 3rd quarter outlook and shipping estimate today, as the company is doing better than expected in terms of revenue and shipments. LDK had expected sales revenue in the range of $486 million to $496 million, and shipments in the range of 210 to 220 MW. Instead, the company now expects to bring in $530 million to $540 million in sales, with shipments totaling 230 to 240 MW. Final results for the … Read the rest
Soleil Securities has initiated coverage on both Suntech Power (STP) and LDK Solar (LDK) with Buy ratings on both. According to StreetInsider.com, Soleil had this to say on Suntech:
“The prospect of strong earnings growth through ’09 is offset by our expectation of a sharp decline in photovoltaic industry pricing in 2011 which will lead to an equally sharp decline in earnings in 2012.” Their price target is 41.
LDK Solar announced today that it has logged 6 million work hours on the construction of its 15,000 ton/year PV polysilicon plant without any worker injuries, under the supervision of the company’s EPCM contractor, Fluor. Completing 6 million safe work hours is a major milestone in the plants construction. Nick Sarno, LDK’s Senior NP of Manufacturing/Project Manager, released the following statement:
"We are very excited to have logged six million safe work hours. We believe
In a week of financial turmoil, at least one company has managed to do well. LDK Solar’s follow-on offering raised $200.4 million by the end of the day Friday. In fact, demand for LDK’s shares was so strong that the company had to upsize the offering to meet it, from 3.8 shares to 4.8 million. However, their share price has dropped somewhat, falling 5.3% to $41.44 on Friday. FinanceAsia.com suggests that this may be a … Read the rest
LDK Solar (LDK) announced today it has filed a shelf registration statement on Form F-3 with the SEC providing for the offering on a delayed or continuous basis of equity and debt securities. In addition the company has filed a preliminary prospectus supplement wit the SEC for a proposed follow on public offering of ADS shares. The offering size is expected to be $150 million and 60% of the proceeds are going to be used … Read the rest
LDK Solar announced that is has signed an 11-year service agreement with Q-Cells AG, a German company. Under the agreement, LDK will process Q-cells upgraded metallurgical grade solar grade silicon and turn it in to multicrystalline solar wafers. LDK will make wafers out of a minimum of 20,000 metric tons of Q-Cells’ silicon from 2008-2018, and will have the option to process an additional 21,000 tons.
Xiaofeng Peng, LDK Solar’s Chairman and CEO, commented on … Read the rest
LDK Solar announced that it has signed an 8-year contract to supply multi-crystalline solar wafers to Japanese trading house Sumitomo. Over the 8 year period starting in 2009, LDK will deliver 750 MW of the wafers to Sumitomo. The contract will end in 2016, and Sumitomo has agreed to make an advance payment for part of the contract’s value to LDK.
LDK’s CEO Xiaofeng Peng says, "“We are excited to announce this agreement with … Read the rest
Today, LDK Solar announced that it has signed a 7-year contract to deliver approximately 440 MW of microcrystalline solar wafers Korean manufacturing company Hyundai Heavy Industries. The contract calls for the product to be delivered over 7 years, from 2009 to 2015. In exchange for agreeing to produce the wafers, LDK solar will receive a downpayment from Hyundai. Here is what the leadership of both companies had to say about the deal:
GT Solar (SOLR) which IPO’d near the end of July and has struggled since on concerns over its relationship with largest customer LDK Solar, reported a strong quarter after the bell today with the company turning a 3 cent/share profit, reversing the loss in the year ago quarter as revenues soared 272% from the year ago quarter to 57 million.
The company said the sales increase was due primarily to its DSS 450, its new … Read the rest
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