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Rome, Italy, 2011/07/07 - The decision of the Arbitration Court on the joint venture between Enel’s renewables company and Inversiones Energéticas (INE) for the development of geothermy in El Salvador paves the way for Enel Green Power to make greater investments in El Salvador. IT0003128367
The decision of the Arbitration Court on the joint venture between Enel’s renewables company and Inversiones Energéticas (INE) for the development of geothermy in El Salvador paves the way for Enel Green Power to make greater investments in El Salvador and supports geothermal development in the country.
The International Chamber of Commerce yesterday notified the parties of the ruling issued by the Arbitration Court on May 30, 2011 in Paris, in the international arbitration proceeding initiated by Enel Green Power against its partner in LaGeo, Inversiones Energéticas (INE), for recognition of its right to make investments in LaGeo by means of capitalization of such investments, thus achieving the majority stake in that company’s share capital.
The Arbitration Court recognised Enel Green Power’s right to make further investments through the joint venture LaGeo in geothermal energy in El Salvador and to capitalise such investments in LaGeo itself by means of the subscription of new shares in that company.
This right, based on the Agreement between LaGeo shareholders, signed on June 4th, 2002, will enable Enel Green Power to acquire the majority of LaGeo’s share capital.
In addition, the Arbitration Court dismissed in its entirety a counterclaim brought by INE against Enel Green Power for alleged damages. The Arbitration Court concluded that there are no legal grounds for this counterclaim.
About Enel Green Power
Enel Green Power is the Enel Group company devoted to the development and management of power generation from renewable sources at the international level, with a presence in Europe and the Americas. It is among the industry leaders worldwide thanks to its approximately 22 billion KWh generated from a well balanced energy mix inclusive of water, sun, wind and geothermal sources. This is enough to meet the energy needs of about 8 million households and avoid the emission of more than 16 million tons of CO2 into the atmosphere. The company's installed capacity exceeds 6,100 MW, produced by more than 620 plants in operation around the world, with a generation mix that includes wind, solar, hydro, geothermal and biomass.