Nigeria has defeated a $2.35 billion arbitration claim by Sunrise Power over the stalled Mambilla hydropower project, with an International Chamber of Commerce tribunal in Paris dismissing the company’s case and ordering it to reimburse most of the government’s legal costs.
In a final award issued on Thursday, the three-member panel rejected Sunrise’s assertion that Nigeria breached a settlement agreement and addendum. The tribunal also refused the company’s demand for $400 million, made up of a $200 million settlement sum and a matching default amount.
The panel ruled that Sunrise promoter Leno Adesanya is bound by the arbitration agreement and confirmed it has jurisdiction over Nigeria’s counterclaim against both Adesanya and his firm.
Nigeria’s legal fees and expenses were put at $11,819,506.51. Sunrise and Adesanya must repay 75 percent of that amount. Of the total, $2.5 million will come from funds already held in escrow by the ICC, to be released once the award is notified. The remaining $9,319,506.51 is to be paid with interest at 10 percent a year, compounded annually from the date of notification until full settlement.
Arbitration costs of $1,656,500 will be split on the same 75:25 basis, with Sunrise and Adesanya bearing the larger share.
The tribunal was chaired by Melaine van Leeuwen, sitting with Stavros Brekoulakis and Simon Nesbitt. Nigeria was represented by a team led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP.
Sunrise launched the ICC proceedings on 10 October 2017, seeking $2.354 billion for alleged breach of a 2003 contract to build the 3,050 MW Mambilla plant in Taraba State under a build-operate-transfer arrangement valued at about $6 billion. A second claim for $400 million rested on a 2020 settlement agreement that was intended to end the earlier dispute.
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