9 May 2018 07:00
PV Crystalox Solar PLC
Receipt of Part Payment of Arbitration Award
08 May 2018
PV Crystalox Solar plc (the "Group") has now received from its customer an initial payment of €14,500,000 relating to its arbitration award. On 8 November 2017 the Group announced that it had received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the Group in March 2015 and arising from an outstanding long-term wafer supply contract with one of the world's leading PV companies. The award requires the customer, who has failed to purchase wafers in line with its contractual obligations, to pay the amount of around €36.5 million including interest to the Group as at 1 May 2018.
The obligation to pay is not conditioned upon the Group's delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery is not precluded by the award.
Discussions continue with the customer, to agree a payment schedule for the outstanding amount. Both parties are also exploring a possible agreement where the wafer deliveries could be eliminated together with a corresponding reduction in the payment.
Enquiries:
PV Crystalox Solar PLC +44 (0) 1235 437160
Iain Dorrity, Chief Executive Officer
Matthew Wethey, Chief Financial Officer and Group Secretary