China-based PV energy provider (PVEP) United Photovoltaics Group has received back its US$64.4 million deposit originally given to Hareon Solar to start build 930MW of PV power plants, which were never actually built.
United PV had sought updates from Hareon Solar regarding the building of the PV power plants but had claimed all efforts had failed and was forced to file for arbitration to recoup the HK$500 million (US$64.4 million approx) deposit plus interest.
Later, United PV passed the debt to Global High Growth Industries Fund Series SPC acting for and on behalf of China Huacai Finance Equity Investment Fund and Hareon Solar regarding the original power plant deal and the return of the deposit.
The PVEP noted that it would instead focus on its own PV project pipeline in China and overseas markets.
The reasons behind the failure to build the PV power plants has not been made public by either party.