LDK Solar (LDK) is announcing today it is modifying its previous preliminary unaudited financial results for the 4th quarter and fiscal year 2008, to reflect an additional write down of about $87.5 million to its inventories and an additional provision of $12.3 for prepayments to suppliers it may not recover. The modification comes as result of updated info about the estimated net realizable value of LDK’s inventories as well as its suppliers ability to honor … Read the rest
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LDK Solar (LDK) Gets Mo’ Money From China Banks
LDK Solar (LDK) is announcing this morning it has received a loan of about $29 million from China Development Bank as well as approval for a credit line of around $145 million from Agricultural Development Bank of China which will help fund continuing business operations at a time when financing can be difficult. It appears China is ready and willing to fund their strongest solar companies.
“We are very pleased to secure this loan and … Read the rest
LDK Solar (LDK) Advises It Has Adequate Standing Wafer Orders
Despite the global economic crisis, LDK Solar has stated that it still has enough standing orders for its solar wafers to keep the company stable. According to the company, it received 14 orders for solar wafers last year and is scheduled to deliver 14,000 megawatts worth of product by 2019.
From TradingMarkets.com, here’s the latest on LDK Solar’s production capacity:
According to an insider with LDK Solar, the company’s annual solar wafer capacity had … Read the rest
LDK Solar (LDK) To Move Into Europe PV Station Field With Q-Cells
LDK Solar is planning to expand into the European PV station market through a partnership with Q-Cells SE, one of the world’s top solar cell producers, according to TradingMarkets.com. Up until now, LDK had not attempted to stake out part of the PV station sector. Here’s how TradingMarkets.com expects the move to benefit the company:
… Read the restThe win-win cooperation will help LDK Solar and Q-Cells win more orders, once the silicon market warms up, estimated
LDK Solar (LDK) Cuts Electricity Needed To Produce Silicon By 2/3
LDK just announced that it has been able to substantially cut the electricity needed to produce one kilogram of silicon, reducing it from 300 kwh to 100 kwh. The improvements in efficiency took place at LDK’s new polysilicon plant in Xinyu, Jiangxi province.
However, as Cleantech.com notes, LDK has been struggling lately:
… Read the restThe good news comes as LDK continues to battle negative reports from analysts, including ThinkEquity’s Jonathan Hoopes, who downgraded the stock to ‘sell’
LDK Solar (LDK) Plunges to New Lows After Cutting Guidance
LDK Solar (LDK) is hitting new all time lows this morning, gapping down 14% after cutting guidance after the bell yesterday. The company warned it would slow expansion and lose $135 – $145 million in the 4th quarter which would represent the first loss in company history. It’s revised revenue outlook for the 4th quarter has fallen to $415 – $435 vs the analyst estimate of $432 million. … Read the rest
Citi Slashes ESLR Price Target, Barclays Initiates Solar Coverage (YGE, LDK, TSL, SOL, CSUN, SOLF)
According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock … Read the rest
Chinese Solar Companies Try To Drop Solar Power Cost To 1 Yuan/KWH (STP, TSL, CSIQ, LDK, SOLF)
TradingMarkets.com is reporting that a group of Chinese solar power companies has presented a plan to the Chinese Ministry of Science to try to drop the cost of producing solar power to 1 yuan/KWH within two years. Particpants in the plan include Solar Power Technologies, Trina Solar, Canadian Solar Inc, LDK Solar and Solarfun Power Holdings Co.
According to TradingMarkets.com,
… Read the restAn industry insider said it’s feasible to carry out the plan, which combines companies
LDK Solar (LDK) Investors Receive Class Certification In Lawsuit
The class action suit against LDK Solar took another step forward last week when Judge William Alsup approved a class consisting of anyone who purchased LDK shares. According to Law360, the lawsuit alleges that "LDK Solar Co. Ltd. and its executives committed a massive securities fraud by inflating the value of the company’s inventory of raw materials and understating the costs of producing solar wafers, which are used in devices that convert sunlight into electricity." … Read the rest
LDK Solar (LDK) Begins Phase I Of 16,000-ton Polysilicon Project
LDK Solar held an opening ceremony for Phase I of its 16,000-ton polysilicon project. Construction began on the project in Xinyu City, China in February of last year. The project will eventually produce 16,000 tons of polysilison per year, which will be used to make solar wafers. This will help decrease LDK’s production cost while ensuring a reliable supply. Trading Markets has more details about the project:
… Read the restThe project that broke earth in February 2008