The company paid an initial $10m in January this year and has finalized the transaction with a second payment of $23m.

According to LDK Solar, SPI’s growing development portfolio and pipeline will provide the company with enhanced downstream benefit to its vertical integration model through module supply for large-scale projects.

LDK Solar chairman and CEO Xiaofeng Peng said that SPI provides a strong strategic complement to LDK’s downstream vertical integration opportunities.

LDK Solar is a manufacturer of multicrystalline solar wafers and photovoltaic products.