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The arbitration court held that the contract was real and effective, and the terms such as quantity of supply, price of the product and term of the contract were legally binding.
Due to the impact of the financial crisis in 2008, solar power stations in Europe were temporarily suspended, causing the prices of once-high-priced solar cells and wafers to fall sharply. From 2008 to October 2010, the price of silicon wafers fell by about 50%. Therefore, many long-term agreements signed by battery manufacturers and wafer manufacturers need to be changed. If the parties can't negotiate friendly, they can only resolve the conflict through legal means.
LDK did not disclose the details of the contract 2 years ago. However, insiders of the company stated that the International Arbitration Court stated that according to the arbitral procedure, Helios had to pay LDK approximately USD 31 million, plus 8% interest and arbitration prosecution fees and legal fees from the effective period to the effective payment period.
"We are satisfied with the progress of the arbitration," said Peng Xiaofeng, chairman and chief executive officer of LDK. "Said LDK expects such matters to be finally resolved."
The meaning of Peng Xiaofeng's words is that he hopes that similar disputes will have a complete result, because he still has a knot.
Previously, similar disputes with LDK have included Q-CELLS GmbH and Artes Solar. Recently, Q-CELLS and LDK have reached a settlement.
However, the conflict between Altus Solar and LDK Solar in a 10 year silicon supply agreement has not been resolved. Artes Solar also recently sued LDK of the China International Arbitration Economic and Trade Arbitration Commission for arbitration.
International Court of Arbitration decides on LDK silicon disputes
Chinese polysilicon film and photovoltaic product manufacturer - LDK Solar announced on October 27th that the International Arbitration Court recently ruled that the company's silicon supply contract dispute with Italy's Helios technology company was signed in October 2008.