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US company to sue Serbian government at London Court of International Arbitration

The contract for building Europe’s biggest solar power station was signed in October 2012

Photo ITAR-TASS Archive

Photo ITAR-TASS Archive

BELGRADE, August 8 (Itar-Tass) - Security Equity Partners has terminated a contract with the government of Serbia for the construction of a solar power station. The U.S Company’s representative said on Thursday that Security Equity Partners would sue Serbia for 160 million euro worth of losses at the London Court of International Arbitration.

Security Equity Partners claims that the Serbian government has violated the contract terms by failing to provide a 3,000-hectare land allotment for the station’s construction.

The contract for building Europe’s biggest solar power station with a capacity of 1,000 megawatts in Serbia was signed in October 2012. The project was estimated to cost 1.75 billion euro.

However, representatives of Serbia’s Energy Ministry say that the Serbian government offered ten various land plots with a total area of 30,000 hectares to Security Equity Partners but none of them suited the company for various reasons.

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