United Photovoltaics to pursue Hareon Solar in legal arbitration

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
United PV has filed a HK$700 million (US$89.8 million) claim against Hareon Solar to return the deposit and interest on a deal that could have earned Hareon Solar around US$1.4 billion.

China-based PV energy provider United Photovoltaics Group is taking PV manufacturer and PV project developer Hareon Solar Technology to the China International Economic and Trade Arbitration Commission over failure to supply a total of 930MW of PV power plants under a previous agreement. 

United PV had recently taken the unusual step of publically berating Hareon Solar over only completing a small percentage of the PV power plants and claiming that efforts to obtain any updated information on around 900MW of PV power plants had proved impossible and threatened legal action.

As a result, the company has filed a HK$700 million (US$89.8 million) claim against Hareon Solar to return the deposit and interest on a deal that could have earned Hareon Solar around US$1.4 billion. United PV has also asked the court that the known PV power plant assets be secured.

United PV has primarily followed the route of acquiring completed and grid connected PV power plants from a number of third parties, rather than build the projects themselves. 

The highly unusual developments come on the back of Hareon Solar’s CTO, Cao Min and then Chairman and CEO, Huaijin Yang resigning and the company changing its auditor, all in the last few months. 

Several senior executives of the company had also been fined by the China Securities Regulatory Commission after an investigation into a previous acquisition and shares issue that was not in compliance with stock market rules. 

Hareon Solar has also been warned of being delisted from the Shanghai Stock Exchange (SSE) should the company report a fourth consecutive year of losses.

In response to media reports about United PV’s recent issues with Hareon Solar, the company issued a financial statement last week, denying that it was in breach and therefore liable to return the deposit, without providing any insight into 930MW of projects.

Read Next

May 3, 2021
China installed 5.56GW of solar in Q1 2021, new data from the country’s National Renewable Energy Consumption Monitoring and Warning Center has revealed.
April 19, 2021
‘Solar Module Super League’ (SMSL) member JA Solar has confirmed its founder and chairman, Jin Baofang had returned to work at the company.
April 9, 2021
A draft proposal put forward by China’s National Development and Reform Commission could see subsidies for new solar projects phased out, starting this year.
April 6, 2021
SunPower is to allow Maxeon Solar to the Performance Series (P Series) p-type mono-Passivated Emitter Rear Cell (PERC) shingled PV modules into the US market as part of a major change to initial manufacturing agreements.
April 6, 2021
The International Renewable Energy Agency’s (IRENA) director-general has hailed the start of a “decade of renewables”, following a 2020 that saw China and the US drive global solar installations.
PV Tech Premium
March 30, 2021
In exclusive analysis for PV Tech Premium subscribers, Mark Osborne scrutinises JA Solar's plans to have 40GW of module assembly capacity by the end of this year, and how it reached that capacity.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021