Hanwha Q CELLS GmbH, a subsidiary of Hanwha Q CELLS, has obtained an arbitral award of EUR 45.9 million (US$52.1 million) in relations to arbitration proceedings against the Insolvency Administrator of the assets of Global PVQ SE i.I..
The arbitral award will have a positive effect on 2015 third quarter results and be reflected as a one-time non-cash event on the income statement, the company said.
The DIS arbitration proceedings began on July 15, 2013 and related to the valuation of inventories (“Stock Excess Amount”) as determined by the IA according to the purchase agreement between the IA, Hanwha Q CELLS GmbH and Hanwha Chemical Corporation on August 26, 2012.
Jay Seo, CFO, said, “We remain optimistic about the Company’s performance for the remainder of 2015, including accelerating shipments, further reduction in our cost structure, improved profitability, and execution of our aggressive expansion goals.”
The arbitration outcome will make a very positive contribution to our 2015 third quarter financial results, Seo said.
The company targets a cell and module capacity of 4.3 GW by year end, and full year 2015 shipments forecasted at 3.2-3.4 GW.
The company has started shipment to NextEra Energy Resources in their process to fulfill the 1.5 GW module supply agreement – the largest such agreement in the history of the solar industry – which provides them with good visibility in the important US market throughout 2016.
Rajani Baburajan