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Yingli reaches amendment to polysilicon contracts with Wacker
Cash-strapped Chinese integrated solar module producer Yingli Green Energy has successfully negotiated new terms for its polysilicon long-term contracts with German supplier Wacker Chemie AG.
According to the agreement, Yingli will purchase polysilicon from Wacker from 2019 to 2028 at amended quantities and prices; Wacker will suspend damage claims against the company arising from previous long-term contracts, but will retain prepayments it has already received. Between 2006 and 2010, Yingli had closed seven long-term agreements with Wacker; five have already expired and two will expire at the end of this year.
Another long-term contract of Yingli with U.S.-based manufacturer Hemlock Semiconductor is running through 2020. Chinese sources have confirmed that Hemlock is the supplier that filed a request for arbitration of a US$897.5 million claim against Yingli with the London Court of International Arbitration on April 26.
Yingli had total liabilities of $3.2 billion at the end of 2017. The company has been on the brink of bankruptcy for roughly three years now.
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