PV Crystalox gets part of arbitration award

UK-based multicrystalline silicon wafer supplier PV Crystalox Solar Plc (LON:PVCS) said yesterday it has received an initial portion of EUR 14.5 million (USD 17.3m) from the arbitration award it secured in November last year.

The award requires a customer of the company to pay EUR 36.5 million including interest as at May 1, 2018. PV Crystalox is continuing discussions on a payment schedule for the remaining amount.

The customer had failed to purchase wafers in line with its supply contract. The parties are also negotiating a reduction of the award payment in exchange of non-delivery of the 22.9 million wafers outstanding under the supply contract.

(EUR 1 = USD 1.192)

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