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Sunways’ management board approved the conclusion of, and entered into, an agreement with Deutsche Solar in order to resolve the early termination of two long-term contracts, originally concluded in 2006 and 2007, that provide for the supply of PV wafers by Deutsche Solar.
The agreement sees Sunways waiving its claim for repayment of down payments in the remaining amount of nearly €7.5 million. Furthermore, both companies agreed on an amendment of the previous terms of delivery, which provided for wafer deliveries until the end 2017 and 2018, respectively. Sunways will decisively accept the delivery of wafers in a total volume of approximately 60MW in 2012 and 2013.
The agreement has a term until December 31, 2013. Once Sunways’ agreed purchase obligations have been completed the two long-term supply agreements will be considered amicably terminated.