* Charge associated with contract termination
* Charge reflects invested capital costs of about $15 mln
Dec 30 (Reuters) - Auto parts supplier Tower International Inc (TOWR.N) said it would take a fourth-quarter pretax impairment charge of $5-$10 million as its solar customer Stirling Energy Systems terminated a purchase contract.
In a regulatory filing, Tower said it has been notified that the power-purchase agreement for one of Stirling Energy Systems’ two principal solar projects -- the Calico project -- has been terminated.
Tower International said the charge reflects previously disclosed invested capital costs of about $15 million.
It is “prudent at this point” to anticipate that Stirling’s other principal solar project -- the Imperial Valley project -- is likely to be similarly affected, The company added.
Shares of Tower International, which went public in October, closed at $17.55 on Wednesday on the New York Stock Exchange. They have gained 35 percent of their value since debut. (Reporting by Bijoy Koyitty in Bangalore; Editing by Maju Samuel)