Renewables, Solar

LDK sues Canadian Solar

1 September 2010– LDK Solar has sued Canadian Solar Inc. for breach of contract.

LDK alleges that Canadian Solar cancelled a 10-year supply agreement it made in 2008 with LDK Solar that required it to buy specific amounts of materials at set prices, and that Canadian Solar failed to perform its purchase obligations and ceased making payments.

LDK said in a release that the company believes the 10-year contract is legal and remains effective.

LDK Solar, which is based in China and operates out of California, said it also sought an arbitration hearing before the China International Economic and Trade Arbitration Commission in Shanghai.

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