Solar Power Inc (OTC:SOPW) gapped up this morning after the company said that LDK Solar Co., Ltd. (NYSE:LDK) reached an agreement with it to buy 70% stake in Solar Power Inc.
Additionally, LDK will also buy certain components of Solar Power’s manufacturing equipment and assume control of the module-manufacturing plant in Shenzhen, China.
The deal would help LDK Solar to enhance module supply for its large-scale projects, while Solar Power Inc will be able to strengthen its balance and manage its projects in pipeline efficiently.
The agreed deal translates the value of Solar Power Inc to about $47 million.
Shares of SPOW are now up 26% to $0.47, off day’s high of $0.62. Volume is impressive with more than 1.87 million shares have traded hands, compared to its average volume of 62.35K shares.
Shares of LDK Solar Co., Ltd. (NYSE:LDK) are down 0.40% to $10.31.
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