Lopezes, partner seek ICC arbitration
The Lopez group and Korean solar wafer giant Nexolon Co. Ltd. are at odds over their fledgling local solar water-slicing partnership and have sought international arbitration to probe alleged contract violations.
In a disclosure to the Philippine Stock Exchange on Friday, the Lopezes’ First Philippine Holdings Corp. said First PV Ventures Corp. (First PV) and First Philec Nexolon Corp. (FPNC) had filed a request for arbitration of their dispute with Nexolon with the International Chamber of Commerce.
“Both FPNC and Nexolon are alleging breaches by the other party of their wafer slicing supply and services agreement,” the company said. “First PV is joining the arbitration as a party to protect its rights under the joint venture agreement with Nexolon.”
“FPNC has sought arbitration in order to enforce its rights under the agreement, including the payment of unpaid sums of money by Nexolon, and for such other relief as the arbitration tribunal shall deem appropriate,” the disclosure said.
FPNC is a joint venture established last year by First PV and Nexolon to slice silicon wafers for the Korean firm.
First PV is a wholly-owned subsidiary of First Philippine Electric Corp., which is FPH’s manufacturing subsidiary. First PV holds a 70-percent stake in the venture while the remaining 30 percent is owned by the Korean partner.
The $100-million joint venture put up an initial 400-megawatt solar wafer-slicing plant in the Philippines. The newly constructed FPNC plant was inaugurated in December last year in First Philippine Industrial Park in Tanauan, Batangas. The new plant has capability to slice for both the monocrystalline and multicrytalline segment.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94