PV Crystalox Solar advised that it had reached a cash settlement over a terminated wafer supply deal that amounts to €90 million. The funds will be recognized as income in the first half of this year and, according to proactiveinvestors, the news saw the company’s value more than double.
The company additionally revealed that it had reduced its first half guidance for shipment volumes to 55-70MW, from its original 80-100MW guidance, stating that it was not able to reach an agreement on acceptable wafer prices and volumes for Q2 with its customers. PV plans to continue operating at reduced wafer production levels, while polysilicon production is still suspended at its Bitterfeld site.
“The group continues to believe that the medium-to long term outlook for solar installations is positive and therefore protecting the Group's capabilities and cash for the future remains of paramount importance,” PV told investors in a stockexchange statement this morning. “The board will continue to review industry conditions on an ongoing basis in order to maintain the best interests of shareholders.”