Enel Group paid Romanian state EUR 401 million, according to the decision of the International Court of Arbitration in Paris announced in February, according to Economica.net.
The amount represents the value of the 13.57% extra stake in Electrica Muntenia Sud, which the group had to buy under the privatization contract signed in 2007.
The transaction has been completed now, two months after the decision of the International Court of Arbitration in Paris.
The Management Company Ownership in Energy (SAPE) requested Enel, in 2012, to pay EUR 521.583 million, citing the „Put” option.
The option provided that Electrica has the right to sell and Enel is bound to acquire a 13.57% stake in the former Electrica Muntenia Sud, in line with the pricing mechanism from the privatization contract signed in July 2007.
Enel, which was facing problems in 2014 and preparing to sell assets held in Romania, did not acknowledge this amount and proposed the Government to pay only EUR 250 million.
Romania refused the offer and addressed to the International Court of Arbitration in Paris that immediately accepted the request.
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