Luxembourg-based Securum Equity Partners said the Serbian state has not fulfilled its obligations in an earlier announced 1,000 MW solar park project, therefore the investor is starting EUR 160mn lawsuit for damages against it.
Securum said in a statement that on Aug 5, 2013, the company in charge of the project - One Giga Solar Park Incubator doo, sent a letter of termination to the umbrella agreement to the government in Belgrade. The agreement predicted the solar park construction, claiming the compensation for damages suffered by the investor.
Securum Equity Partners International gave mandate to Baker and McKanzie to represent them in the International Court of Arbitration of London with the request of compensation of estimated damages worth EUR 160mn against the Republic of Serbia.
"The damages requests are consequence of the total disrespect by the Republic of Serbia of contractual obligations predicted by Umbrella Agreement signed between Republic of Serbia and One Giga Solar Park Incubator doo and Securum Equity Partners International Ltd on 26 October, 2012," the statement added.
Under the agreement Securum signed last year with the Serbian government, it should have to obtain by April 2013 all necessary permits to launch the project and wrap it up by 2015. The project was expected to bring a EUR 1.75bn investment to southern Serbia, to pay in some EUR 28mn worth of tax revenue annually and facilitate the opening of three plants for photovoltaic panels.
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