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SunPower announce new credit
SunPower announces new three year, $350 Million letter of credit facility SunPower Corporation, a Silicon Valley-based provider of high efficiency solar cells, solar panels, and solar systems, today announced that it has signed a new three-year letter of credit facility. The new facility, which initially provides for a maximum issuance of $350 million in letters of credit but, at the agreement of the parties, may be increased to a maximum of $400 million, will replace the company’s existing $250 million letter of credit facility and will be underwritten by a syndicate of banks that include Deutsche Bank, Bank of America Merrill Lynch, Citi, Credit Suisse, and Barclays Capital.
“SunPower’s new letter of credit facility will further support our growing commercial, utility and power plant businesses in North America and Europe,” said Dennis Arriola, CFO of SunPower Corp. “This new facility gives us, initially, $100 million of additional letter of credit capacity, with the ability to add another $50 million, and improves our balance sheet flexibility by reducing our cash collateral requirement from 100 percent to 50 percent. We are also pleased that we have been able to arrange this facility with a syndicate of leading financial institutions and their support reflects confidence in our future growth as well as the bankability of our established technology.”
LDK signs supply agreement
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LDK Solar signs module agreement with Phoenix Solar AG LDK Solar, a manufacturer of multicrystalline solar wafers and PV products, has announced that it has signed a contract to supply solar modules to Germany-based Phoenix Solar AG. Under terms of the agreement, LDK Solar will deliver approximately 20 megawatts (MW) of solar modules during the second calendar quarter of 2010.
“We are proud to partner with Phoenix Solar, an international leader in system integration as well as specialist for large-scale PV plants,” stated Xiaofeng Peng, Chairman and CEO of LDK Solar. “Our PV modules are meeting the highest technical requirements and are well suited for a wide range of applications from residential to large-scale power plants. We hope to expand our relationship with Phoenix Solar and partner on future projects.”
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