Cash-strapped LDK Solar sells trio of China projects for $22m

China’s LDK Solar will sell three solar rooftop projects installed at its manufacturing sites to chemicals firm Henan Xindaxin Materials for 140m yuan ($22.4m) to reduce its debts.

The sale price is based on current prices for installing rooftop solar panels of around 9.5 yuan per watt, and 10-10.2 yuan per watt after including rent of the property, says a statement from Shenzhen-listed Xindaxin.

The three projects have a total capacity of 14MW.

Under the agreement, LDK will lease the solar projects back from Xindaxin for 9.9m yuan a year for the six years to 2018.

LDK, the world’s largest wafer-maker, is under pressure to reduce billions of dollars of debt related to an ambitious expansion programme over…

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