Arbitration Favors Italian ENEL Over Salvadoran CEL
The decision means that ENEL will be able to capitalize the geothermal GEO and become the majority shareholder in the business it maintains with the Executive Hydroelectric Commission of the Lempa River (CEL).
According to an article in Elsalvador.com, ENEL had sued its partner for breach of contract in November 2008 because CEL had blocked a $100 million investment, which meant that ENEL went from having just over 36% the company's shares to almost 53%. "The contract, signed in 2002, provides that Enel has the right to capitalize on their investments, that is to say, investments in La Geo are transformed immediately into shares."
CEL has 30 days to appeal the ruling, if it chooses to do so.
The way that the government handles the arbitration failure at the International Chamber of Commerce on the La Geo case could dictate the success or failure of state-business partnerships.
The private-public scheme has been promoted recently by the Salvadoran government for the implementation of large public infrastructure projects because they can free the state from the significant investments that such works require.
The International Chamber of Commerce will communicate its ruling on the arbitration trial filed by Enel for $120 million.
The complaint filed by Italian company Enel in October 2008 is based on noncompliance by the Salvadoran government with its commitment of handing over shares of company LaGeo.
The case was presented before an international tribunal in France, which the parties had established to settle conflicts that might arise in the preparation of the LaGeo.
Italian company, Enel, which partnered with the Salvadoran government in the operation of the LaGeo geothermic electric generating plant, took the government to court internationally for $120 million for not allowing it to hold the majority of shares that corresponds to the investments carried out, based on the contract between the two parties.
The Executive Hydroelectric Commission for the Lempa River (CEL) repeated that it will not allow the Italian company Enel to hold the majority of shares in LaGeo CEL and Enel are partners.
Enel has been seeking to increase its participation in LaGeo since 2004, but CEL has blocked it.
close (x)
Receive more news about Energy
Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.
meteocontrol es uno de los proveedores de servicios más innovadores en el sector de la energía solar. Más de 45,000 plantas solares con una potencia de más de 13 GWp son monitoreadas por nuestros sistemas, lo que hace a meteocontrol el líder mundial en monitoreo y control remoto profesional de sistemas fotovoltaicos. Nuestra empresa lleva más de 40 años dedicada a proyectos solares, desarrollando y comercializando servicios y productos en el sector de la gestión de la energía y de los datos meteorológicos. La experiencia y los conocimientos especializados, hacen de meteocontrol un socio muy conveniente y solicitado, para proyectos nacionales e internacionales a mediana y gran escala.
La empresa tiene su sede en Augsburgo, Alemania y filiales en diferentes países de América, Europa y Asia. Desde nuestra oficina en El Salvador atendemos la región de Centroamérica, México y el Caribe, tanto en la parte comercial como en la de soporte técnico. Como parte de nuestro equipo contamos con un representante de ventas en la Ciudad de México.
Nuestras especialidades son el monitoreo de plantas fotovoltaicas, diseño y puesta en marcha de monitoreo y SCADA local, informes de rendimiento âyield reportsâ, pronóstico de generación de energía solar âsolar power forecastâ, consultoría técnica y due diligence, supervisión de obra y aceptación técnica, comprobación de rendimiento âperformance checkâ, module testing, rating of PV systems, datos meteorológicos, data logger, power plant control, sensores de irradiación, piranómetros, estaciones meteorológicas, string level monitoring, suministro de potencia reactiva, Q at night, inyección zero, gestión de autoconsumo, sistemas de operación y mantenimiento de plantas fotovoltaicas, O&M y mantenimiento preventivo y correctivo.
From 11 to 13 June, the Expo Hotels and Restaurants will take place at the Pedregal Events Center, an event in which more than 150 companies will exhibit their products.
Event by: Departamento Editorial de CentralAmericaData.com
Distribution of technology and engineering services for the petro-chemical industry, conventional industry, hotels, hospitals, shopping centers, etc.
Operates in Nicaragua, Honduras, Panama, Costa Rica, El Salvador and Guatemala
Phone: (506) 2271 8172 - (506) 8917 6108
Organization that operates in Panama and Panama.
Phone: (507) 3454542
World Panama real estate marketing promotes city and beach property listings for sale or rent with international syndication to more then 80 real estate web portals worldwide.
CRCB-PACS Latam is Nicaraguan company offering PACS Solutions for the visualization and manipulation of radiological images from X-rays, CTs, MRIs, mammographs, etc.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Central America
Phone: (505) 83346335
IBERIA ENERGETICA is a company specialized in biomass technology and energy management, offering our customers the reduction of their energy bill and CO2 emissions.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Costa Rica
Phone: (506) 6324 5540
español
2334
