December 5 (Renewables Now) - Comtec Solar Systems Group Ltd (HKG:0712) on Monday announced the termination of a wafer supply agreement with US solar module manufacturer Mission Solar Energy LLC.
The contract, signed at the end of 2013, called for the Chinese company to supply 500 MW of n-type mono crystalline silicon wafers to Mission Solar between June 2014 and July 2017.
Comtec Solar said that Mission has failed to take up the quantities agreed and, in view of the ongoing adverse market conditions, is not expected to purchase the outstanding quantities on the terms originally stipulated.
The companies have therefore agreed to end the contract, with each party being unconditionally released from their obligations or rights.
Comtec Solar reiterated that as the outlook for its wafer manufacturing business is expected to remain challenging it is actively developing its downstream solar business.