Yingli Settles Solar Anti-Dumping Lawsuit Brought by Solyndraby
California company claimed Chinese firms formed illegal cartel
China's Yingli to pay $7.5 million to Solyndra and limit sales
The companies agreed that Yingli will make an immediate payment of $7.5 million to Solyndra LLC, dismissing the lawsuit, according to a statement from Yingli on Monday. If the Baoding, China-based company or any of its affiliates sell 800 megawatts of solar panels or more in the U.S. and Canada in a single calendar year between 2016 and 2018, it must make an additional payment of $10 million to Solyndra.
Solyndra went out of business four years ago, filing for bankruptcy protection and firing most of its 1,100 employees in August 2011. The company was based in California and manufactured solar panel systems for commercial rooftops, backed by loans from the U.S. government.
The company claimed that Chinese panel makers worked together to fix prices and flood the American market with low-cost solar panels to stifle competition. It filed lawsuits “for the loss of the $1.5 billion value of its business and more which defendants destroyed,” according to a complaint from October 2012.
“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," Yingli Chairman Liansheng Miao said in the statement.
Solyndra also settled a claim with Trina Solar Ltd., which is based in Changzhou, China, last November for $45 million, which led to the panel maker’s first loss since 2013. It is also suing Suntech Power Holdings Co Ltd. which is based in Jiangsu, China.