Q-Cells SE and Timminco Ltd. have reached a new supply agreement for solar-grade silicon. This contract will replace the agreement signed in 2008 for the five-year period through 2013.
According to the companies, the new agreement contemplates deliveries of 100 metric tons of solar-grade silicon for the remainder of 2009. Volumes, pricing and other terms for deliveries of solar-grade silicon in the years 2010 to 2013 will be subject to mutual agreement by the end of 2009 and will be negotiated in the context of prevailing solar industry market conditions. Timminco will also return the outstanding deposit of approximately 8.9 million euros to Q-Cells.
The companies have also agreed to a repayment schedule that provides for full repayment during the year 2010, and Timminco will pay interest on the outstanding balance at an agreed rate.
SOURCE: Q-Cells SE