Q-Cells SE: Termination of supply agreement with LDK Solar
Q-Cells SE (QCE; ISIN DE0005558662) has terminated the agreement concluded in December 2007 with the Chinese solar company LDK Solar for the supply of solar wafers, as LDK Solar did not fulfil significant contractual obligations.
The original agreement specified the supply of solar wafers on the basis of a contractually fixed amount of silicon totaling 43,000 tonnes for the years from 2009 to 2018, with wafer supplies on the basis of approximately 1,000 tonnes of silicon relating to 2009.
At the beginning of 2008, Q-Cells made a payment of USD 244.5 million in the context of this agreement. his payment can be reclaimed in the event of termination of the agreement and is secured by a bank guarantee at a German bank upon first demand.
Source: Q-Cells SE