August 17 (Renewables Now) - A customer who failed to purchase wafers under a long-term supply contract with PV Crystalox Solar Plc (LON:PVCS) has agreed to settle all claims and obligations under the deal and an arbitration award.
The UK-based multicrystalline silicon wafer supplier announced today that the said customer is expected to pay a total of EUR 28.8 million (USD 32.8m), and a EUR-14.5-million payment has already been received in May 2018, as previously announced.
The International Court of Arbitration of the International Chamber of Commerce previously ruled that the unnamed firm should pay EUR 36.5 million in total, including interest as at May 1, 2018. However, PV Crystalox Solar’s client has agreed to waive its right to demand delivery of the outstanding wafers in exchange for a reduction of the award payment.
The final payment of EUR 14.3 million should be made on November 30, 2018.
The unnamed customer, which is described as one of the world's leading photovoltaic (PV) companies, stopped buying wafers from PV Crystalox in 2013, breaking the terms of a seven-year supply contract agreed in 2008.
(EUR 1.0 = USD 1.139)