Arbitration Award regarding Central Térmica Loma de la Lata
Arbitration Award regarding its Subsidiary Central Térmica Loma de la Lata
Buenos Aires, June 19, 2015. Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) informs that Central Térmica Loma de la Lata S.A. (“CTLL”) was served with the final award regarding the claim held against Isolux Corsan Argentina S.A., Tecna Estudio y Proyectos de Ingeniería S.A., Isolux Corsan Argentina S.A. – Tecna Estudio y Proyectos de Ingeniería S.A. Unión Transitoria de Empresas, Isolux Ingeniería S.A., Tecna Proyectos y Operaciones S.A. e Isolux Ingeniería S.A. – Tecna Proyectos y Operaciones S.A. Unión Temporal de Empresas (the “Contractors”), raised under CTLL’s expansion project to combined cycle before the International Court of Arbitration of the International Chamber of Commerce (the “ICC’s Arbitral Tribunal”), as it was duly informed on dates of December 2, 2011, December 29, 2011 and April 5, 2013.
In particular, the award issued by the ICC’s Arbitral Tribunal acknowledged certain contractual breaches committed by the Contractors, granting CTLL a compensation for damages in the amount of US$49.3 million.
The pending amount due from Contractors has been narrowed to US$15.1 million as it has been offset certain reciprocal credits and debits between both parties. The breakdown of the pending amount due is as follows:
- i. US$10.7 million of capital (which will accrue an interest of 8% per annum until its full payment);
- ii. US$2.7 million of interest; and
- iii. US$1.6 million in arbitration and legal costs.
Finally, given the extent of the award and in case of being necessary, CTLL could complement to the already disclosed information once we have analyzed its details and scope.
For further information, contact:
Ricardo Torres – Co-Chief Executive Officer
Gustavo Mariani – Co-Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
Lida Wang – Special Projects and Investor Relations Associate
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500