Securum Equity Partners claims EUR 160 million compensation from Serbia - Company launches lawsuit at London Court of Arbitration

Securum Equity Partners, which was supposed to build the world's largest solar park in our country, announced in a release today that it was going to launch a lawsuit against Serbia because of the country's failure to meet contractual obligations, adding that it would claim a compensation of EUR 160 million at the International Court of Arbitration of London.

According to the release, One Giga Solar Park Inkubator (the company established in Serbia by Securum) notified Serbian officials on August 5th about the termination of the agreement on the construction of a solar park with a total installed capacity of 1,000 MW as well as about the request for compensation.

Securum Equity Partners International Ltd has authorized the Baker and McKanzie company to represent them at the International Court of Arbitration of London where they will claim compensation.

The agreement between the Republic of Serbia, OneGiga Solar Park Incubator d.o.o. and Securum Equity Partners International Ltd was signed 26 October 2012.

It could also be heard before that Serbia may face a lawsuit because it failed to provide 3,000 hectares of land required for the construction of this solar park. On the other hand, government officials denied that, claiming that the agreement contained no provisions binding Serbia to pay any compensation.

Securum Equity Partners has announced on its website the details of the agreement termination and the lawsuit it is about to launch.