PROJECTS
Standard Chartered Bank (HK) Ltd. v. United Republic of Tanzania ICSID Case No. ARB/10/12
The problem
The Tanzania Electric Supply Company (TANESCO) was taken to international arbitration by a private generation, Independent Power Tanzania Ltd (IPTL), which alleged that TANESCO owed it $258 million under the terms of power purchase agreement for supply of power from IPTL’s 100 MW plant.
How we helped
Castalia’s expert David Ehrhardt testified before the ICSID tribunal that IPTL had been over-invoicing TANESCO. He demonstrated that, under the terms of the power purchase agreement and the decision in an earlier arbitration, IPTL should have reduced the tariff when it decided to finance the plant with shareholder loans, not equity. If the tariff had been properly calculated, outstanding payments and penalties would be much less than the amount IPTL claimed.
Impact
IPTL had initiated international arbitration claiming that TANESCO had underpaid for power and owed US$118,609,392.31 in past due bills and penalties.
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WASHINGTON, DC
+1 (202) 466-6790
1747 Pennsylvania Avenue NW, Suite 1200
United States of America
SYDNEY
+61 (2) 9231 6862
Suite 19.01, Level 19, 227 Elizabeth Street
Australia
AUCKLAND
+64 (4) 913 2800
74D France Street, Newton South
New Zealand
WELLINGTON
+64 (4) 913 2800
Level 2, 88 The Terrace
New Zealand
PARIS
+33 (1) 73 44 26 97
6 Rue Duret
France
BOGOTÁ
+57 (1) 508 5794
Calle 81 #11-08, Piso 5, Oficina 5-127
Colombia
Thinking for a better world.