From pv magazine Germany
German PV production equipment supplier Manz AG has to write off €23.2 million ($23.6 million) after final negotiations on the outstanding payments for the CIGSfab project with Chinese client Chongqing Shenhua Thin Film Solar Technology Co., Ltd. ended without agreement.
The €218 million solar factory project has been in operation since 2017, with Manz providing services totaling some €198 million for Chongqing Shenhua but only having received payments of around €175 million. The work was interrupted in December 2020 at the request of the Chinese company. Since then, Manz has been waiting for the outstanding amounts to be paid, and the management board assumed that the contractual obligations would have been met.
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Contrary to expectations, however, it has not been possible to find an amicable solution between the contracting parties to date and Manz is now pursuing the goal of asserting its claims through litigation.
“We very much regret that we were unable to reach an amicable solution with our Chinese contractual partner,” explained Manz CEO Martin Drasch, noting that Manz will exit the photovoltaic business completely. “We will now focus our energies consistently on implementing our growth strategy in the automotive and electromobility, battery manufacturing, electronics, energy, and medical technology sectors. Accordingly, we are not making any further technological developments in the field of CIGS thin-film solar technology and have stopped working in the market,” Drasch added.
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