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The Associated Press September 22, 2010, 7:22AM ET

LDK Solar to repay Q-Cells on wafer contract

LDK Solar Co. has agreed to make an early repayment of an advance that it got from German solar cell manufacturer Q-Cells SE related to their 2007 solar wafer supply contract.

The Chinese solar company said Wednesday that a new deal specifies that it will repay the $244.5 million prepayment that Q-Cells had made by the end of 2011. It will pay $135 million of that sum this year.

LDK will fund the repayment with restricted cash that was set aside under the contract.

Both companies have decided to extend the contract until 2018.

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