LDK to supply Hyundai Heavy Industries with solar wafers

Xinyu, China-based LDK Solar (NYSE: LDK) announced today that it signed a contract to supply solar wafers to South Korea's Hyundai Heavy Industries.

LDK did not disclose the financial terms of the contract, but said the eight-year deal is for 450 megawatts of multicrystalline solar wafers.

"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," said Xiaofeng Peng, chairman and CEO of LDK.

LDK said the supply would begin later this year and run through 2015, with Hyundai Heavy Industries making an undisclosed advanced payment to LDK Solar.

"Having visited LDK Solar's polysilicon plant in Xinyu City, China, several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," said Kwon-Tae Kim, executive VP at Hyundai Heavy Industries.

In December, LDK said its audit committee had completed an independent investigation into the company's accounting of its silicon inventory, finding no material errors (see LDK audit committee finds no material errors).

The investigation followed allegations made by LDK's former financial controller that the company incorrectly reported its inventories of silicon feedstock.

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