UPDATE – United PV withdraws claim against Hareon Solar

Feb 4, 2016 10:26 CET by Militsa Mancheva

February 4 – United Photovoltaics Group Ltd (HKG:0686) has agreed to withdraw the arbitration claim against Hareon Solar Technology Co Ltd (SHA:600401) after receiving half of the advance payment it had made in relation to a failed deal.

As previously reported, Hong Kong-based solar park operator United PV has called on Hareon Solar to return a HKD-500-million (USD 64.2m/EUR 57.9m) advance payment it received under a 930-MW acquisition agreement last year along with the incurred interest. In order to resolve the legal dispute, United PV agreed to transfer all the rights, obligations and responsibilities under a breached contract to a third party.

In an official statement on Wednesday, United PV announced that the withdrawal applications were submitted after it received two out of the three instalments, totalling HKD 250 million, from the assignee. In the meantime, sector player Hareon Solar covered all the CNY-5.6-million (USD 851,000/EUR 768,000) arbitration and legal costs.

United PV stressed that if the assignee fails to settle the payment in full, it may re-initiate the arbitration proceedings against Hareon Solar.

(HKD 1.0 = USD 0.128/EUR 0.116)

(CNY 1.0 = USD 0.152/EUR 0.137)

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