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Boralex receives favorable decision in a Euro50.6 million lawsuit against Innovent
Boralex receives favorable decision in a €50.6 million lawsuit against Innovent ...
About this update from Boralex Inc. Class A
[{"type":"text","content":"\n \n \n \n Boralex receives favorable decision in a €50.6 million lawsuit against Innovent\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n PARIS, France\n \n ,\n \n May 17, 2021\n \n /CNW Telbec/ - Boralex Inc. (\"Boralex\" or the \"Company\") (TSX: BLX) is pleased to announce that the\n \n Tribunal de Commerce de\n \n Lille\n \n \n [\n \n Lille\n \n commercial court] has rendered a decision in its favor, ordering Innovent SAS (\"Innovent\") and its president, Grégoire Verhaeghe to pay to Boralex €50.6 million for breach of contractual obligations.\n \n \n The dispute arose in the context of a transaction between the parties that occurred in 2012 whereby Boralex acquired from Innovent construction-ready wind projects. As part of such transaction, the parties entered into a development services agreement pursuant to which Innovent and Mr. Verhaeghe had the obligation to offer Boralex the right to acquire certain wind projects under development.\n \n \n In a well-reasoned judgement, the Court found that the defendants were in breach of their obligation with respect to the then under development Eplessier-Thieulloy-l'Abbaye and Buire-Le-Sec projects, thereby depriving Boralex of its right to acquire the projects at the agreed price and terms. Given such default, Innovent and Grégoire Verhaegue are ordered by the Court to pay to Boralex €50.6 million, which decision included a provisional order.\n \n \n Innovent has indicated that it intends to appeal the decision, including the provisional order.\n \n \n \n About Boralex\n \n \n \n Boralex develops, builds and operates renewable energy power facilities in\n \n Canada\n \n ,\n \n France\n \n , the\n \n United Kingdom\n \n and\n \n the United States\n \n . A leader in the Canadian market and\n \n France's\n \n first independent onshore wind power producer, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types – wind, hydroelectric, thermal and solar. Boralex ensures su...