PV Crystalox to wait more for arbitration judgement

Solar cell. Author: Michael Dorausch michaeldorausch.com License: Creative Commons

Sep 7 (Renewables Now) - UK-based multicrystalline silicon wafer maker PV Crystalox Solar Plc (LON:PVCS) today said there will be some delay in the arbitration decision that it had expected by the end of September.

The dispute is with a customer who stopped buying wafers from PV Crystalox in 2013, breaking the terms of a seven-year supply contract agreed in 2008.

The company said it has been informed by the arbitral tribunal that the submission of the draft judgment to the International Court of Arbitration of the International Chamber of Commerce has been delayed until the end of September. As a result, the final judgement is now expected four to six weeks later.

The outcome of the arbitration is uncertain but the wafer maker indicated in March 2016 that the value of any award, if its claim is upheld, could be a multiple of its market capitalisation at that time.  

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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