Acciona sells Fortress the right to collect from Catalonia for the ATLL for 170 million

  • The group claims 1,030 million for the termination of the management contract of the water company
  • The final amount will depend on what compensation the Generalitat ends up recognizing

Acciona has sold the future collection rights derived from the 1,036 million euros that complains to the Generalitat of Catalonia for the termination of the management contract of Aigües Ter Llobregat (ATLL), according to the company.

The group chaired by José Manuel Entrecanales has sold this right for 170 million euros, an amount to which will be added another whose amount it will depend on the eventual compensation that is finally recognized by the Generalitat or the courts.

The assignment of these rights has been closed with the US fund Fortress, as reported to Europa Press in market sources.

In operation no includes the compensation of € 53.8 million already recognized by the Generalitat in favor of Acciona, which controls 76.05% of the company that operated ATLL, and its partner in this firm, the British fund Pioneer Point Partners.

At the beginning of this year, the Generalitat calculated the compensation that it estimates corresponds to for the cancellation of the contract, a figure that in its day Acciona and its partner already branded as “confiscatory” and advanced that they will resort to the courts as soon as the Government of Catalonia ratifies it as a definitive amount.

This quantity cContrast with that of 1,036 million euros that Acciona calculates It is responsible for the termination of this contract, about 305 million for the cancellation of the contract and the remaining 733 million for damages.

The termination of the ATLL concession contract is the consequence of a ruling issued just over a year ago, in February 2018, by the Supreme Court.

The High Court rat the same time, the cancellation of the concession contract that the Superior Court of Justice of Catalonia issued in June 2015 in response to appeals filed by any of the parties involved in the contracting of this service that Acciona was awarded in 2012.

NO POSSIBILITY OF AGREEMENT

On May 30, on the occasion of the Acciona meeting, its president assured that he did not glimpse any chance of agreement with the Generalitat of Catalonia regarding the liquidation of the ATLL contract.

“We are not unwilling for an agreement, but the conversations we have had with the Generalitat have all been unsuccessful,” Entrecanales said at the time.

Acciona sells its right to collection in this litigation a few weeks after it reached the beginning of this year an agreement on the other dispute that the group had open, that of the amounts that it claimed in Australia for the extra costs that it considers accumulates the construction of the Sydney tram.

In this case, by virtue of the agreement that the group and the rest of the partners of the consortium that builds this infrastructure closed with the Government of the State of New South Wales, will receive a compensation of 576 million Australian dollars (about 357 million euros). In addition, they will extend two more years, until 2036, the initial period of fifteen years that they had to operate and maintain the tram once it starts up.