Wind co Tang Energy wins USD-70m dispute with China’s AVIC - report
Wind park in Texas. Author: Rockin'Rita. License: Creative Commons, Attribution-NonCommercial-NoDerivs 2.0 Generic.
Dallas-based wind firm Tang Energy Group Ltd will receive an arbitration award of over USD 70 million (EUR 64m) in a breach of contract case against Aviation Industry Corporation of China (AVIC), Reuters said Tuesday.
On Monday, the International Centre for Dispute Resolution in Dallas ruled against the Chinese state-owned aerospace and defense company, which has failed to fulfill investment commitments related to a wind project in West Texas and to the establishment of a global wind energy business with Tang Energy via their 50/50 joint venture -- Soaring Wind Energy.
Initially, Tang Energy CEO Patrick Jenevein III sought roughly USD 2.25 billion in damages, taking into account projects AVIC had developed without Soaring Wind worldwide, according to the report.
The Dallas arbitration award is to be confirmed by the US District Court for the Northern District of Texas.