United Photovoltaics Group Limited on Friday filed a HK$700 million ($89.8 million) claim against Hareon Solar Technolgy Compay Limited in connection with an agreement to acquire on-grid solar power projects in China.
The claim, filed with the China International Economic and Trade Arbitration Commission, includes HK$500 million ($64.16 million) from an advance payment to Hareon as part of the deal that was to be returned to United PV if the intended transactions were not completed. United PV is also asking for an additional HK$200 million in damages for breach of contract, the company said in a press release.
In a deal made last year, United PV had agreed to purchase Hareons entire equity interest in certain target companies owning on-grid solar power plant projects with a combined installed capacity of some 930 MW in China for approximately CNY 8.8 billion ($1.3 billion). United PV had paid Hareon HK$500 million as part of the deal.