PV Crystalox settles long-running wafer contract dispute

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

UK-based multicrystalline wafer manufacturer PV Crystalox has settled its long-running, multi-million-euro contract dispute with a still unnamed customer.

In November this year it was revealed that the firm had been awarded substantial damages following a hearing at the International Court of Arbitration of the International Chamber of Commerce, which required the customer to pay around €36.5 million (US$41.6 million).

However today PV Crystalox has confirmed that it has concluded the dispute with a settlement agreement that will see the firm accept a reduced fee – €28.8 million (US$32.8 million) – with an accelerated payment schedule.

PV Crystalox will now receive a final payment of €14.3 million (US$16.3 million) on 30 November 2018. The customer has also waived its right to demand delivery of the outstanding wafers.

The dispute has been rumbling for more than three years and stems from the customer failing to purchase millions of solar wafers in line with contractual obligations.

While the company has not been named throughout the process, PV Crystalox has previously described it as “one of the world’s leading PV companies”.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

July 27, 2021
A round-up of the latest news from the US solar market, featuring Vision Solar’s commitment to hire “hundreds” of sales staff as part of a two-state expansion, Recurrent Energy’s sale of two major assets in Texas and news of 8minute Solar Energy strengthening its legal team.
July 26, 2021
The pace of climate action in the US is “wholly unacceptable”, according to the director of the US Department of Energy’s (DOE) Loan Programme Office
July 26, 2021
Meyer Burger is considering its legal options after long-time heterojunction tandem solar cell manufacturing partner Oxford PV ended its collaboration agreement unexpectedly.
July 21, 2021
Higher-than-expected deployment figures last year have put the global solar sector comfortably within reach of the terawatt scale in 2022, SolarPower Europe (SPE) has said in its Global Market Outlook report.
July 12, 2021
Elon Musk and Tesla’s court case regarding its acquisition of solar installer SolarCity has got underway in the US this week, with shareholders of the energy and automotive company alleging that fiduciary duties were breached when the deal was agreed.
July 8, 2021
BlackRock has secured more than US$250 million for a finance vehicle that will invest in renewables and energy storage projects in countries across Asia, Latin America and Africa.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021