Eolica: Manager started lawsuit against Romanian Transelectrica without shareholder support

21 February 2012

The lawsuit initiated by wind park developer Eolica Dobrogea against Romania's electricity carrier Transelectrica did not have the approval of the wind developer's shareholders, as it was submitted in a unilateral move by the current company administrator. Transelectrica announced earlier today ( February 21 ) that Eolica had filed a lawsuit, asking for EUR 118 million in damages a year for delaying the connection of its wind project to the national grid.

“The current Administrator of Eolica Dobrogea Srl., Mr. Corneliu Dica, decided at his own discretion and intention to initiate in the name of Eolica Dobrogea Srl. legal actions against several Romanian institutions, entities and persons, among others the Romanian grid operator Transelectrica SA and the country’s energy regulator, ANRE. This step of the Administrator has been taken by himself without any legal basis, in complete breach of all ethical and business codes and rules and without any approval by our company and our Board of Directors as a 95 percent Shareholder of Eolica Dobrogea Srl,” reads a statement issued by the company.

Eolica received from Transelectrica SA an extension of the time period to fulfill the remaining conditions before connecting the wind project in Tariverde, Dobrogea, 600 MW of wind power, to the national grid. “This engagement by Transelectrica SA shows that, despite the unacceptable legal steps taken by the current administrator of Eolica Dobrogea Srl., they remain strongly interested in connecting our 600 MW of wind power to Transelectrica’s grid,” Eolica says in its statement.

Read more about the lawsuit here.

editor@romania-insider.com

 

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Eolica: Manager started lawsuit against Romanian Transelectrica without shareholder support

21 February 2012

The lawsuit initiated by wind park developer Eolica Dobrogea against Romania's electricity carrier Transelectrica did not have the approval of the wind developer's shareholders, as it was submitted in a unilateral move by the current company administrator. Transelectrica announced earlier today ( February 21 ) that Eolica had filed a lawsuit, asking for EUR 118 million in damages a year for delaying the connection of its wind project to the national grid.

“The current Administrator of Eolica Dobrogea Srl., Mr. Corneliu Dica, decided at his own discretion and intention to initiate in the name of Eolica Dobrogea Srl. legal actions against several Romanian institutions, entities and persons, among others the Romanian grid operator Transelectrica SA and the country’s energy regulator, ANRE. This step of the Administrator has been taken by himself without any legal basis, in complete breach of all ethical and business codes and rules and without any approval by our company and our Board of Directors as a 95 percent Shareholder of Eolica Dobrogea Srl,” reads a statement issued by the company.

Eolica received from Transelectrica SA an extension of the time period to fulfill the remaining conditions before connecting the wind project in Tariverde, Dobrogea, 600 MW of wind power, to the national grid. “This engagement by Transelectrica SA shows that, despite the unacceptable legal steps taken by the current administrator of Eolica Dobrogea Srl., they remain strongly interested in connecting our 600 MW of wind power to Transelectrica’s grid,” Eolica says in its statement.

Read more about the lawsuit here.

editor@romania-insider.com

 

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