–To ensure assured supply of high quality silicon wafers for ten years starting from 2008–
New Delhi – 03 April 2008: Moser Baer India Limited, a global technology company, today announced that its subsidiary, Moser Baer Photo Voltaic Limited (MBPV) has signed an agreement with China based LDK Solar for sale and delivery of high quality multicrystalline silicon wafers to MBPV over a ten-year period commencing in mid-2008 through 2017.
Under the terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to MBPV for producing PV cells that can generate 640 MW of solar power. MBPV will make a suitable prepayment to LDK Solar reflecting the contract value. The ten-year contract is based on a blend of “take-or-pay” and market linked pricing mechanism.
"We are very pleased to enter into this mutually equitable agreement with LDK Solar to secure quality solar wafers,” commented Ravi Khanna, Chief Executive, Moser Baer Photo Voltaic Limited. "We look forward to a long-term relationship with LDK Solar as we work towards rapidly increasing our scale of operations and capacity.”
"The supply agreement with Moser Baer reflects the strong interest we continue to encounter for our high quality solar wafers," stated Xiaofeng Peng, Chairman and CEO, LDK Solar. "We are excited to extend our business into an emerging market such as India, as we continue to diversify our market coverage and grow our customer list."
Globally, given the rapid growth of the photovoltaic industry, there is a shortage of silicon wafers, a key raw material for the photovoltaic industry. While the demand continues unabated, the supply is expected to remain tight in the near to medium term. An assured supply of silicon wafers will provide a significant competitive advantage to MBPV in the current industry scenario.
The delivery of wafers under the new contract is expected from July 2008 and will continue over a ten-year period from the first shipment. The contract assures a regular supply of silicon wafers over the long term.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the Company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People’s Republic of China. The Company’s office in the United States is located in Sunnyvale, California.
About Moser Baer Photo Voltaic Ltd
Moser Baer Photo Voltaic incorporated in New Delhi, a wholly owned subsidiary of Moser Baer India Ltd, in the business of photovoltaic (PV) cells and modules. MBPV plans to manufacture solar cells and modules by straddling multiple technologies including crystalline silicon, concentration and thin films. The manufacturing facilities are housed in a renewable energy SEZ at Greater Noida.
The parent company, Moser Baer India Limited is a global technology company. It is the second largest manufacturer of optical storage media in the world and has business interests in Solar Energy, Entertainment and IT Peripherals & Consumer Electronics. MBIL reported revenues of around Rs 2,000 cr in FY07. Please also see www.moserbaer.in; www.moserbaerpv.in