United PV Seeks $64.5 Million From Hareon for Contract Breach
- Most Hareon projects don't meet conditions: United PV
- United PV may seek a refund via arbitration, spokesman says
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United Photovoltaics Group Ltd., a Hong Kong-listed solar-farm operator, is asking Hareon Solar Technology Co. to return HK$500 million ($64.5 million) it paid in advance for buying 930 megawatts of solar-power projects as the plants don’t meet acquisition conditions.
Under an agreement signed by the two companies in May, the acquisition was dependent on conditions including starting operations by Dec. 10 and being connected to the grid.