April 30 (Renewables Now) - One of the polysilicon suppliers of Yingli Green Energy Holding (NYSE:YGE) has sought arbitration regarding a claim against the Chinese photovoltaics (PV) maker.
The request for arbitration has been filed with the London Court of International Arbitration (LCIA) on April 26.
The unnamed supplier has in December 2017 notified Yingli of a decision to terminate, with immediate effect, the long-term polysilicon supply contract with it. It is claiming at least USD 897.5 million (EUR 740.5m) of payments due and payable by Yingli under the said contract.
The solar products maker said it has been actively communicating with the supplier to find an amicable solution but they have not reached any mutual agreement yet. It plans to vigorously defend its rights in the arbitration proceeding, while admitting that it has “not fully performed some of its long-term polysilicon supply contracts on their original terms”. This has been reported previously.
Last week Yingli said its net loss widened to CNY 3.32 billion (USD 524m/EUR 432m) in 2017 from CNY 2.1 billion in 2016. It warned that “substantial doubt exists as to the Company's ability to continue as a going concern.”
(USD 1 = EUR 0.83)