centrotherm Hit With Cancellation Of EUR 290 Million Factory Build Contract


centrotherm photovoltaics AG has received a notice canceling a contract for it to build a solar module factory worth EUR 290 million. The contract had been with the Compagnie d'Engineering de l'Electricite et du Gaz, an engineering subsidiary of the Societe Nationale de l'Electricite et du Gaz, the Algerian state-owned electric and gas utility.

centrotherm did not announce any reason for the termination of the contract.

The company says the setback will have no negative effects on its planned cash flow nor the company's future development. It says any damage compensation claims against the company resulting from the cancellation would be covered by a court-approved insolvency plan.

The company had come out from insolvency proceedings May 31.

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