LDK Solar Acquires Controlling Interest Of Solar Green Technology S.p.A.

July 15, 2009 by Jeff Shepard

LDK Solar Co., Ltd., a manufacturer of multicrystalline solar wafers, announced the acquisition of a controlling interest of Solar Green Technology S.p.A. (SGT), a system integrator in the Italian market. LDK Solar acquired 70% of Solar Green Technology S.p.A.’s shares. This investment will boost LDK Solar’s efforts to develop additional projects and strengthen its presence in the Italian PV sector. SGT will provide project opportunities and technical support in terms of realization and control of PV turnkey plants to LDK Solar.

"We are very excited to acquire a controlling interest of Solar Green Technology," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "SGT’s management and workforce have demonstrated strong competence and boasts solid experience in the PV market. We believe access to SGT’s wealth of resources will be an effective and immediate tool for LDK Solar efforts in managing development activity in the Italian PV market, which is currently one of the most dynamic and profitable European markets."

"We are pleased to have LDK Solar acquire a majority interest of SGT," commented Giuseppe Truglio, one of the Solar Green Technology’s founders. "This investment will enable SGT to grow rapidly through its involvement in several of LDK Solar’s important plant projects in Italy and throughout Europe. Given the current development stage of the Italian PV market, we are excited to increase our exposure in such a profitable and promising market."