Paris Supreme Court Rules in Favor of Enel Green Power in El Salvador “Lageo” Case (The Wall Street Transcript)
Appeal ruling confirmed on the joint venture with Inversiones Energeticas (INE) for the development of geothermal energy in El Salvador
The French Supreme Court ("
Cour de Cassation") denied the appeal filed in 2013 by
Inversiones Energéticas, S.A. de C.V. (INE) and by the
Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL), challenging the decision of the Court of Appeals that upheld the ruling of the Court of Arbitration, made in accordance with the rules of the International Chamber of Commerce (ICC), concerning investments in
LaGeo S.A. de C.V. (LaGeo), the joint venture between
Enel Green Power S.p.A. and INE for geothermal development in El Salvador.
This decision therefore makes the Arbitration Court ruling issued in 2011 definitive. The arbitration ruling recognized the right of Enel Green Power S.p.A. to increase, through the investments it executed, its equity stake in El Salvador's company "LaGeo", through the subscription of new shares in the joint venture, as well as the right to receive the company's earnings in the form of dividends.
