LDK Solar receives CBD loan for polysilicon upgrade31. January 2013 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
The China Development Bank Corporation (CDB) has approved a RMB 440 million (around US$70.7 million; €52.2 million) loan, which will be used towards a technology upgrade at LDK Solar’s Mahong Polysilicon Plant.
The Chinese photovoltaic manufacturer says investments will primarily be made into hydrochlorination technology, which is said to be "critical" to reducing silicon manufacturing costs.
In a statement released, the company states, "LDK Solar plans to drawdown the loan as market conditions improve and the necessary equipment is ready for its use."
Overall, LDK Solar Co., Ltd says it has invested more than RMB 12 billion in its Mahong Polysilicon Plant. These investments, it adds, are the key cause for its high debt ratio.
In the past few months, the company has sold off over 30% of its stock, in a bid to reduce mounting debts, rumored to be around $3.1 billion. Transactions include a 12% stake sold to Fulai Investments Ltd, and a 19.9% stake to the the Heng Rui Xin Energy Company.
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