LDK Solar Co., Ltd., a leading manufacturer of multicrystalline solar wafers, today announced that it has signed an eight-year "Take or Pay" contract to supply multicrystalline solar wafers to Republic of Korea-based Hyundai Heavy Industries Co., Ltd (HHI).
Under the terms of the agreement, LDK Solar will deliver 450 MW of multicrystalline solar wafers to Hyundai Heavy Industries Co., Ltd. over an eight-year period commencing in late 2008 through 2015. Hyundai Heavy Industries Co., Ltd. will make an advanced payment representing a portion of the contract value to LDK Solar.
"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," stated Xiaofeng Peng, Chairman and CEO. "We are pleased to continue expanding our strategic list of customers with Hyundai Heavy Industries Co., Ltd's business."
"Having visited LDK Solar's polysilicon plant in Xinyu City, China several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," commented Kwon-Tae Kim, HHI's Executive Vice President. "We look forward to beginning a long-term relationship with LDK Solar."