Smart Water Magazine
Connecting Waterpeople

You are here

Acciona sells the collection rights of ATLL claims to Fortress for €170 million

40
  • Acciona sells the collection rights of ATLL claims to Fortress for €170 million
    José Manuel Entrecanales, Executive Chairman of Acciona
Schneider Electric
· 40

Themes

Acciona has sold to a third party the future collection rights corresponding to the claim filed against the Generalitat de Catalunya for the settlement of the Aigües Ter Llobregat (ATLL) contract, for a 'firm and unconditioned' price of 170 million euros plus another amount, not specified, which will depend on the final amount that is finally recognized by the Generalitat Government and/or the Courts of Justice.

The transfer, which according to market sources consulted by Europa Press, has been finalised with the US fund Fortress, does not include the compensation already recognised by the Generalitat, worth 53.8 million euros.

Acciona announced last April that it would file a claim in court against the settlement amount of 53.8 million that the Generalitat proposed to settle the ATLL contract.

The amount is much less than the compensation payment of more than 1030 million that the company considers it deserves: about 305 million for cancelling the contract and another 733 million in damages.

The ATLL concession contract was cancelled as a result of a sentence issued a year ago, in February 2018, by the Supreme Court of Spain, who ratified the cancellation of the concession contract already ordered by the Supreme Court of Catalunya in June 2015 after the appeals of some of the parties involved in the service contract.