31 July 2012 14:14 [Source: ICIS news]
M.Setek failed to make the majority of a scheduled polysilicon delivery in 2011 to JA Solar Holdings because of the 11 March earthquake and tsunami and hence entered a framework agreement with JA Solar in March 2012 to settle outstanding prepayments of $69.1m (€56.7m), according to the source.
Under the agreement, M.Setek agreed to transfer its 65% equity interest in China-based Hebei Ningjin Songgong Semiconductor to JA Solar Hong Kong, a wholly owned subsidiary of JA Solar, and the transfer for $38.9m will be completed by the end of this year.
Moreover, M.Setek has repaid $11m to JA Solar in June 2012, with dividends distributed by
For the remaining unused prepayments, M.Setek will continue to deliver polysilicon to JA Solar pursuant to a supply agreement.
JA Solar is a manufacturer of high-performance solar power products for residential, commercial, and utility-scale power generation.($1 = €0.82)
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