Fenosa 'getting ready to sue Nicaragua'

Spain's Unión Fenosa, the leading distributor of electricity in Nicaragua, is reported to be planning to sue the government for US$150 million in an international tribunal.

Tuesday, May 27, 2008

David Castillo, head of the Nicaraguan Energy Institute, said that talks with Fenosa had broken down at the end of last month over the price to be paid by the government toacquire a 16 percent stake in the company.
"Now people saying that Fenosa is going to sue us," said Castillo. "They've got a right to do that but we're ready to fight them in any tribunal they name."

More on this topic

Nicaragua buries hatchet in US$10.2 million deal with Fenosa

May 2008

The Nicaraguan government and Spain's Unión Fenosa closed a stormy chapter in their relationship with a deal in which the government is to take a 16 percent stake in Fenosa.

In return the government will write off the US$10.2 million debt that it is owed by Fenosa, the country's leading distributor of electricity.

Nicaragua 'playing with fire' in clashes with Spanish investors

May 2008

The Nicaraguan government is "playing with fire" in its disputes with two Spanish companies, Unión Fenosa and Grupo Barceló, warned José Escalante, president of the Spain-Nicaragua Chamber of Commerce.

The government is expected to be sued by Fenosa, the nation's leading distributor of electricity in a dispute over the terms under which the state aims to take a 16 percent stake in the company's equity.

Ortega claims Fenosa 'has declared war on Nicaragua'

May 2008

President Daniel Ortega of Nicaragua said Spain's Unión Fenosa is "practically declaring war on our country".

He added that he would nationalize the company, Nicaragua's leading electricity distributor, unless it agreed to let the government take 16 percent stake in it.

Ortega still waiting for seat on Fenosa board

April 2008

Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.

Emilio Rappacioli, the energy minister, announced recently that Fenosa had agreed to the government taking a 16 percent stake and a seat on the board of the unit, which distributes electricity throughout Nicaragua.

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