LDK Solar Co. (LDK) and Solar Power (SOPW.OB) Ink Strategic Acquisition Agreement to Heat Up Competition
LDK Solar Co. Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, high purity polysilicon and photovoltaic (PV) products, yesterday announced an agreement with integrated solar developer Solar Power Inc. ("SPI"), in which LDK Solar will acquire a 70 percent interest in SPI for approximately $33 million. The transaction is expected to significantly strengthen SPI’s balance sheet, enabling the company to accelerate the development of its project pipeline of utility-scale power plants and commercial/industrial distributed generation systems. In turn, SPI’s growing portfolio and pipeline will equip LDK Solar with benefits to its vertical integration model through module supply for…