LDK Solar Co., Ltd. (NYSE: LDK) has signed a new agreement with SAEM Srl, a primary system integrator within the PV sector, to build five one-megawatt PV plants in the Apulia region of Italy. Construction will start in July and should be completed by November of this year. Under the pact, LDK Solar will supply wafers for the PV project and SAEM will be responsible for the engineering, procurement, and construction services and system integration.
The company’s CEO noted that the Italian solar market is expected to grow significantly over the next three years. We did not see any financial terms in this pact. Back in early June, the company warned of lower margins but said it was increasing polysilicon production by end of the third quarter.
LDK closed at $11.28 yesterday, and shares are indicated up almost 2% at $11.46 in thin pre-market trading. Its 52-week trading range is $3.75 to $52.40.
Jon C. Ogg
July 1, 2009
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