China: LDK sells 3 PV plants to Henan Xindaxin

26. October 2012 | Industry & Suppliers, Markets & Trends | By:  Becky Beetz/Wenjing Fang

LDK Solar has sold three of its photovoltaic rooftop plants in China to Henan Xindaxin Materials Co. for RMB 140 million (US$22.3 million; €17.3 million).

LDK Solar branding

The sale has been made to help LDK Solar improve its balance sheets.

The three plants, two worth two MWp and one worth 10 MWp, are said to be located at LDK’s manufacturing sites.

In a statement released by Henan Xindaxin, it is said that LDK has the option to lease the plants between 2012 and 2018 for RMB 9.9 million a year. It may also repurchase them.

According to Bloomberg, the move has come as part of an effort on behalf of LDK to improve its balance sheet. It adds that the Chinese photovoltaic company’s debt totaled $3.6 billion at the end of Q2 2012. Overall, it says, predictions are that LDK will lose $440 million this year.

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