LDK Solar to pocket USD 31m from supply contract dispute
(ADPnews) - Oct 28, 2010 - Chinese solar products maker LDK Solar (NYSE:LDK) said on Tuesday that the International Court of Arbitration ordered Italian Helios Technology to pay USD 31 million (EUR 22.4m) in damages to LDK Solar over a supply contract dispute.
The court declared the wafer supply contract signed between the two sector players in October 2008 as valid and effective at the terms and conditions for quantities and prices agreed in it.
Under the contract, LDK Solar is to deliver 70 MW of multicrystalline silicon solar wafers for a period of seven years from 2009 to 2015, while Helios Technology has to pay in advance part of the contract value to the supplier.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.