UPDATE 1-LDK Solar to provide services to New Jersey-based co

Mon Jun 13, 2011 10:57am GMT
 

* To facilitate financing of up to $750 mln for the projects

* To develop up to 300 MW in solar energy facilities (Follows alerts)

June 13 (Reuters) - Photovoltaic solar developer SPI Solar Inc said it, along with its majority shareholder LDK Solar Co Ltd , will provide engineering, procurement and construction services to KDC Solar to potentially develop up to 300 megawatts of solar energy facilities in New Jersey and New York.

SPI and LDK have also agreed to provide construction financing, and facilitate long-term financing of up to $750 million for the projects.

In January, LDK agreed to acquire a 70 percent stake in U.S.-based Solar Power for about $33 million to enhance module supply for its large-scale projects.

LDK is a major supplier of wafers and cells to the solar market. Its products are used to build photovoltaic solar panels.

LDK shares closed at $6.78 on Friday on the New York Stock Exchange. (Reporting by Vaishnavi Bala in Bangalore; Editing by Sriraj Kalluvila) ((vaishnavi.bala@thomsonreuters.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net)

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