Jaguar Energy Wins Case Against Chinese CMNC

Jaguar Energy Guatemala has announced that it won the international arbitration case against China Machine New Energy Corporation, which has to pay the former entity $149 million.

Monday, October 17, 2016

According to the company, as a result of the decision from the arbitral tribunal, the power plant based on coal will remain its property, and the Chinese company will have to pay $149 million.

See "Guatemala: Jaguar Energy Starts Operations"

Jose Antonio Montes, Manager of Corporate Affairs at Jaguar Energy, told Prensalibre.com that "...'Jaguar Energy will not have to make a payment of any kind. The amount of US $149.3 million that CMNC must pay Jaguar Energy is the result of deducting from the US $308 million (sum of $288 in damages plus $20 arbitration) the $158 million, approximately, retained by Jaguar Energy from CMNC as stipulated in the construction contract. That amount will be paid to CMNC, as part of a final settlement, when the completed work is delivered. CMNC breached the contract therefore Jaguar Energy retained those amounts pending resolution of the arbitration'."

"... 'In November 2015 the arbitral tribunal accepted the demand raised by JEG and rejected "for lack of merit, almost all counterclaims for US $800 million claimed by CMNC" added the firm. "



More on this topic

Intervention in Jaguar Energy Power Plant

February 2014

The intervention is part of a lawsuit filed by the Chinese company Machine New Energy Corporation, which is claiming a payment of $11 million.

The Sixth Civil Court of First Instance approved the intervention of Jaguar Energy Guatemala (JEG), a company that is building a power plant based on coal to generate 300 MW.

Jaguar Energy Prepares Arbitration With Chinese Contractor

January 2014

$300 million is being claimed for breach of contract for the project to build power generation facilities in Guatemala.

Jaguar Energy Guatemala (JEG), has instigated arbitration with the firm China Machine New Energy Corporation (CMNC). The company is claiming $300 million for violations in the construction of a 300 MW plant in Escuintla.

Construction: Cost Overruns in Guatemala As Well

January 2014

The Chinese construction company building a power plant for Jaguar Energy was fired for demanding additional payments of $1.5 billion.

In a similar story to what is happening in the Expansion of the Panama Canal, where the construction consortium is demanding payment for overruns of $1.6 billion, the construction of the power plant for Jaguar Energy in Guatemala has stopped, because the Chinese company China Machine New Energy Corporation (CMNC) "threatened to suspend the progress of the project if JEG did not accept their claim for over $1.5 billion, which represents three times the value of the construction contract."

Guatemala: 300 MW Plant Halted Due to Business Dispute

January 2014

The construction of the Jaguar Energy power plant has been delayed by eight months because of severe conflict with the Chinese construction company.

Eight months after the agreed period for delivery of the project by the companies China Machine New Energy Corp. (CMNC) and Jaguar Energy Guatemala (Jaguar Energy), in charge of the construction of the power plant based on coal with a capacity of 300 MW in Escuintla, the work has bee halted.

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