China-based Yingli Solar has reached a $7.5 million settlement agreement with the now-bankrupt U.S. solar company Solyndra.
California-based thin-film PV module maker Solyndra, which had received a controversial loan guarantee from the U.S. government, declared bankruptcy in 2011. About a year later, the manufacturer filed a lawsuit against Yingli, Trina Solar and Suntech, claiming the Chinese companies “conspired” to destroy Solyndra by flooding the U.S. market with low-cost solar modules.
In a press release, Yingli Solar says it and its U.S. subsidiary, Yingli Green Energy Americas, settled the anti-trust and unfair-trade practice lawsuit. According to the agreement, Yingli will make an immediate payment of $7.5 million to Solyndra, and the lawsuit against Yingli will be dismissed. Furthermore, if Yingli or any of its affiliates’ total solar panel sales to the U.S. and Canada equals or exceeds 800 MW in a single calendar year between 2016 and 2018, Yingli will make an additional one-time payment of $10 million to Solyndra.
“While we continue to reject Solyndra’s claims as baseless, our team is satisfied with the settlement’s terms and we are pleased to conclude litigation,” comments Liansheng Miao, chairman and CEO of Yingli. “Looking forward, we will remain focused on our mission to bring Yingli’s high-performing PV technology to communities across the Americas that are eager to adopt affordable clean energy.”
This deal follows a $45 million settlement reached in November 2015 between Solyndra and Trina Solar.