German solar power-equipment maker Centrotherm photovoltaics AG (CPHVF) said Friday that CEEG, an Algerian client, has canceled an order for the construction of a fully-integrated solar module factory in Algeria.
A consortium consisting of Centrotherm and Kinetics Germany GmbH had won the contract to build the factory. The original value of the project was about 290 million euros.
Centrotherm said that in a letter dated Thursday, June 13, CEEG, a subsidiary of Société Nationale de l'Electricité et du Gaz or Sonelgaz, informed the consortium that it is canceling the contract for construction of the solar module factory.
Centrotherm said it is currently examining the impact of the contract cancellation. However, the company added that a legally effective cancellation would not have any negative effects on its planned cash flow and the company's future development.
The company noted that any damage compensation claims against it would be covered by the existing insolvency plan.
In early June, Centrotherm said that the Ulm District Court approved the insolvency plan of the company in the version dated January 29, 2013, and has terminated the insolvency proceedings with effect as of the end of May 31. These proceedings have been running since October 2012.
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