Yingli Green Energy Holding Company Limited, one of the world's leading solar panel manufacturers, today announced that one of its long-term polysilicon suppliers (the "Supplier") filed a request for arbitration of its claim against the Company described below with the London Court of International Arbitration (LCIA) yesterday.
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. On December 15, 2017, one of the Company'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 the Company with immediate effect and claiming no less than US$897.5 million of payments due and payable by the Company under the contract.
After receiving the notice of termination, the Company has been actively communicating with the Supplier to find an amicable solution but 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.
Source: Yingli Green Energy Holding Company Limited
Date: Apr 28, 2018