Business Update30 Oct 2024, 09:38 pm
Sterling and Wilson Renewable Energy Ltd Dispute: USD 82 Million Claims vs USD 179 Million Counter Claims
AI Summary
Sterling and Wilson Renewable Energy Ltd, along with Sterling and Wilson Renewable Energy Limited - Agencia En Chile and Shapoor;ji Pallonji and Company Private Limited, are in a dispute with TSGF SPA. The dispute, filed under the International Chamber of Commerce in Chile, is over the construction of a solar photovoltaic power plant in Chile. The Contractor is claiming USD 82 million due to illegal recovery of liquidated damages and unlawful takeover of the plant by the Client. The Client, on the other hand, has asserted counter claims of USD 179 million, out of which USD 158 million is a consequential damages claim. The arbitral tribunal has been constituted on October 29, 2024.
Key Highlights
- Sterling and Wilson Renewable Energy Ltd, along with two other entities, are in a dispute with TSGF SPA over the construction of a solar photovoltaic power plant in Chile.
- The Contractor is claiming USD 82 million due to illegal recovery of liquidated damages and unlawful takeover of the plant by the Client.
- The Client has asserted counter claims of USD 179 million, out of which USD 158 million is a consequential damages claim.
- The dispute is being handled by an arbitral tribunal under the International Chamber of Commerce in Chile.
- The arbitral tribunal has been constituted on October 29, 2024.