Canadian Solar Inc., an Ontario-based provider of solar power systems and components, announced a Chinese court has ruled in its favor over a $40.1 million dispute with LDK Solar Co. Ltd., a Chinese manufacturer of wafers for PV systems.
According to Canadian Solar, the Jiangsu Suzhou Intermediate Court dismissed a request by LDK to enforce a 2012 arbitration decision made by the China International Economic and Trade Arbitration Commission (CIETAC). The dispute centered on contracts in 2007 and 2008 for LDK to supply Canadian Solar with wafers that were subsequently canceled. The CIETAC had ruled that Canadian Solar was obligated to compensate LDK over the cancelled contracts.
‘We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor," says Shawn Qu, Canadian Solar's chairman and CEO." 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."