Argentine Court Orders Vestas to Keep Contract With Genneia
Vestas Chile Turbinas Eolicas Limitada and Vestas Argentina SA, both subsidiaries of the Copenhagen-based wind turbine maker, will have to continue fulfilling services contracted by Genneia for a wind park, Genneia said in a note sent today to the market regulator.
Vestas will have to continue providing their services even though Genneia hasn’t been able to pay a $19.8 million service fee in dollars because of Argentina’s obstacles to acquire foreign currency, Genneia said, citing a ruling issued by a federal judge.
Genneia added in its three-page filing that it offered to Vestas to cancel its dollar-denominated debt by using pesos and also filed a petition with the Argentine Central Bank to receive authorization to acquire the dollars. The request hasn’t yet been answered.
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