SunEdison and Wacker Chemie settle
On May 7, 2015, SunEdison, Inc and Wacker Chemie AG entered into a settlement and release agreement.
The Settlement Agreement resolved the disagreement between the parties regarding two long-term polysilicon supply agreements entered into by the Company and Wacker in 2010 and the subsequent settlement agreement entered into by the parties in August of 2012.
This dispute had been the subject of an arbitration proceeding at the Swiss Chambers' Arbitration Institution. The parties filed this request for termination and entry of an award on agreed terms also on May 7, 2015.
Wacker will retain certain deposits previously paid by the Company under the Agreements in the amount of EUR 24,080,582.40. In addition, the Company will pay to Wacker a total of EUR 76,762,724.96 in instalments over 2015.
Neither party has admitted to any wrongdoing or liability with respect to any of the claims related to the Agreements, and Wacker and the Company have fully released each other from any further obligations under the Agreements.
