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”.