Canadian Solar: Contract Dispute with LDK
GUELPH, Ontario, Nov. 29, 2013 - Canadian Solar Inc., one of the world's largest solar power companies, today announced that the Jiangsu Suzhou Intermediate Court issued a civil decision that vacated its decision in May 2013, which dismissed a request by LDK Solar Co., Ltd. ("LDK") to enforce an arbitration award in its ongoing dispute with Canadian Solar (the "May Decision"), and ruled that the case be re-adjudicated. The decision was issued following a request for re-adjudication by the Jiangsu Provincial High Court, which reviewed the May Decision.
The Company will continue to vigorously contest the merits of the arbitration award, and will update investors as the case progresses.
In the May Decision the Jiangsu Suzhou Intermediate Court had dismissed the request by LDK to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately US$ 40.1 million). The arbitration award relates to wafer supply contracts entered into between Canadian Solar and LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit of RMB 60.0 million (approximately US$ 9.7 million), but excludes approximately RMB 2.0 million to cover arbitration expenses.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org; or David Pasquale, Global IR Partners, +1-914-337-8801, email@example.com
SOURCE: Canadian Solar Inc.