United PV withdraws $90 million Hareon lawsuit


United Photovoltaics Group Limited has submitted applications to withdraw its HK$500 million (US$90 million) lawsuit against Hareon Solar Technology Company Limited, having received payment from a Hong Kong-based Global High Growth Industries Fund Series SPC, acting on behalf of China Huacai Finance Equity Investment Fund SP.

Under a tripartite agreement, announced last week, the SPC entered into a deed of assignment relating to a 930 MW solar PV deal made between United PV and Hareon last year, the terms of which were not fulfilled by the agreed upon date.

United PV said it would assign and transfer all of the rights, obligations and responsibilities, including the claims under the Cooperation Agreement from Hareon to the SPC, if the HK$500 million plus interest was paid back, over three installments, and if Hareon reimbursed United PV all arbitration and legal costs to the tune of RMB 5.6 million (around US$851,172).

Under the terms, United PV also said it would drop the lawsuit after the first two payments, totaling HK$250 million were made, along with Hareon’s RMB 5.6 million. This, reports the company today, has now all been received.

The lawsuit could still be re-initiated, if the third, HK250 million is not paid.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.