Centrotherm photovoltaics AG (CPHVF.PK) announced that CEEG, a subsidiary of Société Nationale de l'Electricité et du Gaz, has notified the consortium consisting of centrotherm photovoltaics AG and Kinetics Germany GmbH that it is cancelling the contract to construct a fully integrated solar module factory in Algeria.
The original project volume amounted to around 290 million euros. The company stated that it is examining the effectiveness and significance of this cancellation.
The company said even a legally effective cancellation would have no negative effects on the planned cash flow of centrotherm and the company's future development. Any damage compensation claims against the company would be covered by the insolvency plan.
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