Translation provided by JIGGSLAW®. The Costa Rican Institute of Electricity (ICE in Spanish) has announced that the investment arbitration filed against Costa Rica by Green Powder and Enel Green Colombia at the International Centre for Settlement of Investment Disputes (ICSID) in October 2021 has been finalised. The decision to discontinue the arbitration occurred during the negotiations of the hydroelectric plants’ power purchase agreements, which are the focus of the arbitration.
During the negotiations of the power purchase agreements from Don Pedro and Rio Volcan hydroelectric plants, ICE and both companies settled the dispute. The agreement will come into effect once the Public Services Regulator Authority (ARESEP in Spanish) approves the new power purchase agreements.
ICE states in the document that this decision “will save the country valuable resources by avoiding the associated legal costs.”
ICE’s Electricity Manager, Roberto Quirós Balma, and ENEL Costa Rica’s General Manager, Karla Rodríguez Monge, signed a power purchase agreement to supply nearly 42,000 homes with a fixed monthly commitment.
