Genneia wants to pay an outstanding balance in Argentine pesos, instead of euros or US dollars, as Vestas claims was agreed – a move that could leave the turbine group facing a heavy currency exchange loss on the more than $32m it says it is still owed.
Vestas provided 43 of its V90-1.8MW turbines for Genneia’s Rawson 1 and 2 wind farm projects, which came on line in January
Vestas has applied to begin arbitration proceedings over the issue at the International Court of Arbitration of the International Chamber of Commerce.
Genneia’s apparent decision to pay its Danish supplier in pesos instead of US dollars is as a result of an expected change in its own contract with the federal administrator of Argentina's...
