Yingli Solar, a Chinese solar panel manufacturer announced that together with its U.S. subsidiary, Yingli Green Energy Americas, it has reached an agreement with the Solyndra Residual Trust to settle an anti-trust and unfair trade practice lawsuit filed in California.
According to the agreement, Yingli will make an immediate payment of $7.5 million USD to Solyndra, and the lawsuit against Yingli will be dismissed with prejudice. Solyndra will also release Yingli and all of its affiliates from any similar claims or allegations in the future. If Yingli or any of its affiliates’ total solar panel sales to the U.S. and Canada equals or exceeds 800 megawatts (MW) in a single calendar year between 2016 and 2018, Yingli must make an additional one-time payment of$10 million USD to Solyndra.
Solyndra filed for bankruptcy protection in August 2011, laying off most of its 1100. Its financial troubles were brought to national attention in the U.S. by the Republic Party as the solar panel manufacturer was backed by loans from the U.S. government.
Solyndra claimed in its lawsuits that Chinese solar panel makers worked together to flood the U.S. market with cheap solar panels to stifle competition.
“While we continue to reject Solyndra’s claims as baseless, our team is satisfied with the settlement’s terms and we are pleased to conclude litigation,” commented Mr. Liansheng Miao, Chairman and CEO of Yingli. “Looking forward, we will remain focused on our mission to bring Yingli’s high-performing PV technology to communities across the Americas that are eager to adopt affordable clean energy.”
Trina Solar, based in Changzhou, China, settled a similar lawsuit with Solyndra in November of last year for US $45 million.