One of the leading Nordic renewable energy investors has secured a victory in arbitration proceedings before a Latvia-seated arbitral tribunal and in the subsequent enforcement proceedings before Latvian courts.
A claim was brought against the renewable energy investor by its business partner, alleging that the company had failed to fulfil several obligations arising under a share purchase agreement (SPA).
The arbitral tribunal dismissed the claim in its entirety and ordered the claimant to reimburse all costs incurred by the respondent in connection with the arbitration proceedings. As the claimant failed to comply voluntarily, the renewable energy investor applied to the Latvian courts for enforcement of the arbitral award. Despite the objections raised by the claimant, the investor successfully secured enforcement of the award, obtaining recovery against the debtor’s funds held with credit institutions.
The renewable energy investor was represented before the arbitral tribunal and the Latvian courts by COBALT’s Head of Arbitration Practice Group Dr. Toms Krūmiņš.
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