Petición cerrada

Statkraft: Compensation to Reps minority shareholders

Esta petición ha conseguido 32 firmas

A giant crushes a small Spanish company. Can David fight Goliath again as it did in the Bible?

More than five years ago was created in Málaga dedicated to renewable energies. His name is REPS. Shortly after REPS got two major partners, a prominent farm owners to install adequate solar farms in Andalusia and a giant Norwegian, Europe's largest producer of renewable energy, Statkraft, who wanted encompass that area of ​​business.

REPS Council incorporated in both, but Goliath took control of it with a shareholding of 70%. The minority were left with the rest, and to protect their interests, they negotiated a shareholders agreement Statkraft in the end, decided not to respect.

The project agreed in Council controlled Goliath gradually reach the largest photovoltaic plant known in Spain. Therefore REPS lease commitments got through one of its minority shareholders for more than 500 hectares suitable in the province of Cordoba, rights that were the subject of specific contracts and registered, no need, even in the Land Registry, to Giant request.

A couple of years ago, in June 2010, the giant changed and policy president. Published on its website ( strategic decision to abandon its investment in the solar energy sector. Then he ordered his servants liquidate all its interests in the sector in Spain and Italy.

Meanwhile, the first phase of REPS was already in its final stage. The first phase of a 10 MW solar farm was already equipped with all the necessary permissions and only waited for his inclusion in the Register of allocating compensation to photovoltaic installations as last requirement to begin construction of the first plant photo- voltaic.

Statkraft decided to end the project had previously sponsored and withdrew the support of 5 million euros submitted to the Ministry of Industry. Meanwhile, to shield themselves from the inevitable complaints, once hired one of the largest law firms in Spain, both to protect the just claims of its minority shareholders to liquidate the company REPS.

What happened with David, ie the minority shareholders? Nothing at all. Silencing of months, semesters, years and some letters from his lawyers deny the just claims ... In the shareholder agreement still in force for the minority, there was a compensation clause. Was there compensation? No, please, why bother going to a giant with assets of over 177 billion euros and a profit of over one billion euros annually. Who would fight a Goliath so girt? Perhaps, however, his image and reputation is worth anything yet ...

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