LDK Solar Inks $300 Million Deal With BYD
Several big names in solar have settled from recent highs on Wall Street, but there’s still a lot of money running into the sector.
On Monday morning, LDK Solar announced that it has locked up a new two-year sales deal with Chinese juggernaut BYD worth roughly $300 million. Under the deal, LDK will provide monthly shipments of polysilicon starting on January 2011.
It’s another win for the solar wafer manufacturer, which earlier this month raised its third quarter guidance about 7% to a range of $610 to $640 million. In addition to raising its outlook, LDK noted that shipments of solar wafers and modules were outpacing demand.
For its part, the diversified BYD— which makes everything from automobiles to mobile phone batteries— has made no secret of its ambitions in green tech.
Earlier this year BYD announced that it will spend more than $3 billion over five years to construct one of China’s biggest solar power battery plant in Shangluo. Meanwhile, the company has also been working on large-scale energy storage solutions and their all-electric vehicle, the e6, is being prepped for a US debut. Although BYD (which Warren Buffett’s Berkshire Hathaway has a 10% stake in) has struggled this year amid soft demand in China’s auto market, the company has seemingly maintained its aggressive stride in the green sector.
“We are very excited to add BYD, a leading high-tech enterprise that has a strong commitment to the green energy sector, as a key customer,” LDK’s CEO, Xiaofeng Peng said in a statement.
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