A US federal court has enforced an international arbitration award requiring Georgia to pay Turkish company ENKA approximately $383.2 million in compensation over the Namakhvani Hydropower Plant project.
The case stemmed from arbitration proceedings following the termination of the project agreement.
In September 2021, ENKA’s subsidiary ENKA Renewables notified the Georgian authorities that it was terminating the agreement, citing prolonged breaches of its terms as well as force majeure circumstances.
According to the company, the awarded amount already included accrued interest. With interest continuing to accumulate, the total payment is expected to exceed $400 million.
By Jeyhun Aghazada
