Having paid an initial sum of $10 million in January, LDK today finalized the acquisition with a second payment of $23 million.
In a statement, the parties said that the transaction has helped to add financial strength to SPI's balance sheet, and will allow it to accelerate the development of its project pipeline. At the same time, they add, SPI's assets should provide LDK Solar with enhanced downstream benefit.
"We are very pleased to have this transaction concluded," said Xiaofeng Peng, chairman and CEO for LDK Solar. "SPI provides a strong strategic complement to our downstream vertical integration opportunities and provides LDK Solar and SPI the opportunity to jointly explore opening manufacturing operations in the U.S. to further enhance SPI's competitive advantage in North America."
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