Italian energy major Enel files international arbitration against Waaree Energies
Italian energy major Enel SpA has initiated arbitration proceedings against solar manufacturer Waaree Energies Ltd., seeking damages and compensation for alleged loss of profits following a failed acquisition deal.
The arbitration has been filed with the International Chamber of Commerce’s International Court of Arbitration in London.
The dispute arises from a Sale and Purchase Agreement (SPA) signed on January 10, 2025, under which Waaree Energies had agreed to acquire Enel’s Indian renewable arm, Enel Green Power India. However, Waaree later withdrew from the transaction.
"The Request for Arbitration is premised on alleged breaches of Sale and Purchase Agreement dated January 10, 2025 (“SPA”) by the Company and claims for damages and loss of profits said to have been caused by such alleged breaches," Waaree Energies said in a regulatory filing, adding that the company disputes the allegations and intends to contest the claims in the arbitration.
Waaree Energies' scrip was trading at Rs 2890.80, up 3.60% on the BSE, Tuesday afternoon.
Waaree added that at this preliminary stage, the financial impact of the arbitration cannot be determined and will depend on the outcome of the proceedings. It also confirmed that it will explore all contractual and legal remedies available.
"The arbitration notice contains certain monetary claims against the Company. The Company is evaluating the claims in consultation with its legal advisors and will file an appropriate response and counterclaim, if any, before the arbitral tribunal," Waaree Energies said.
The arbitration has been filed with the International Chamber of Commerce’s International Court of Arbitration in London.
The dispute arises from a Sale and Purchase Agreement (SPA) signed on January 10, 2025, under which Waaree Energies had agreed to acquire Enel’s Indian renewable arm, Enel Green Power India. However, Waaree later withdrew from the transaction.
"The Request for Arbitration is premised on alleged breaches of Sale and Purchase Agreement dated January 10, 2025 (“SPA”) by the Company and claims for damages and loss of profits said to have been caused by such alleged breaches," Waaree Energies said in a regulatory filing, adding that the company disputes the allegations and intends to contest the claims in the arbitration.
Waaree Energies' scrip was trading at Rs 2890.80, up 3.60% on the BSE, Tuesday afternoon.
Waaree added that at this preliminary stage, the financial impact of the arbitration cannot be determined and will depend on the outcome of the proceedings. It also confirmed that it will explore all contractual and legal remedies available.
"The arbitration notice contains certain monetary claims against the Company. The Company is evaluating the claims in consultation with its legal advisors and will file an appropriate response and counterclaim, if any, before the arbitral tribunal," Waaree Energies said.
Next Story