LegalJun 29, 2026, 08:16 AM
Kenon Wins Peru Annulment Case; Award Stands at $200M
AI Summary
Kenon Holdings Ltd. announced that an ICSID ad hoc Committee ruled in its favor, rejecting the Republic of Peru's application for partial annulment of an arbitration award. The Committee dismissed all of Peru's arguments and ordered Peru to pay Kenon and its subsidiary IC Power approximately $1.3 million in legal fees. As of June 29, 2026, the total award, including fees, costs, and accrued interest, stands at approximately $200 million, with Kenon's estimated share being about $93 million, subject to tax. Interest will continue to accrue until the award is paid.
Key Highlights
- ICSID ad hoc Committee ruled in favor of Kenon and IC Power, dismissing Peru's annulment application.
- Committee ordered Peru to pay Kenon and IC Power approximately $1.3 million for legal fees.
- Total arbitration award, including fees, costs, and accrued interest, is approximately $200 million as of June 29, 2026.
- Kenon's estimated share of the award is approximately $93 million, subject to tax.
- Original award was $110.7 million in damages and $5.1 million in fees and costs.
- Pre- and post-award interest on the award totals approximately $86 million.
- A capital provider is entitled to repayment of $12 million and up to 55% of net claim proceeds.
Price Impact
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