Canadian Solar wins court case in relation to contract dispute with LDK
Wednesday, May 22, 2013
GUELPH, Ontario, May 20, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc.(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Jiangsu Suzhou Intermediate Court dismissed the request by LDK Solar Co., Ltd. (NYSE: 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). This 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.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented, "We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor. We believe we have conducted our business properly at all times and we will continue to advocate cooperation rather than confrontation within the solar industry."
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 4GW of premium quality solar modules to customers in over 50 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.
SOURCE Canadian Solar