Chinese solar panel manufacturer Yingli Green Energy Holding Co. Ltd announced that one of its long-term polysilicon suppliers filed a request for arbitration of its claim against the company the London Court of International Arbitration (LCIA). As previously reported, the company has not fully performed some of its long-term polysilicon supply contracts on their original terms, and suppliers have sent the company invoices or demand letters for failing to perform certain obligations under these contracts. In December 2017, one of Yingli’s subsidiaries received a notice of termination from the supplier notifying the company of its decision to terminate its long-term polysilicon supply contract with immediate effect and claiming no less than $897.5 million of payments due and payable by the Yingli under the contract.
After receiving the notice of termination, no mutual agreement has been reached yet. The company plans »to vigorously defend its rights in the arbitration proceeding while continuing to seek a mutually beneficial solution with the supplier.«
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