Silicon Module Super League (SMSL) member Hanwha Q CELLS said it had been awarded US$52.1 million in an arbitration wrangle with former Q Cells insolvency administrator.
According to Hanwha Q CELLS the arbitration award would have a positive effect on its 2015 third quarter financial results and would be reflected as a one-time non-cash event on the income statement.
Jay Seo, CFO of Hanwha Q CELLS said, “We remain optimistic about the Company’s performance for the remainder of 2015, including accelerating shipments, further reduction in our cost structure, improved profitability, and execution of our aggressive expansion goals. The Company is making good progress towards a return to sustainable profitability and this recent arbitration outcome will make a very positive contribution to our 2015 third quarter financial results. Our company is now one of the largest in the solar industry with cell and module capacity targeted at 4.3GW by year end, and full year 2015 shipments forecasted at 3.2-3.4GW.”