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Bilateral investment treaties protect investors whose rights have been violated by another country, and that is what has happened to Invenergy in Poland,” said Invenergy Chief Legal Officer Michael Blazer. “While the Polish Government’s disregard for the rule of law continues to escalate, we are working to secure our rights, and other investors are watching.”
The notification letter accuses Polish government authorities of orchestrating the unlawful termination of long-term commercial contracts. In 2010, Invenergy entered into fixed-price, long-term energy contracts with Polish state-controlled utility companies. Invenergy accepted what were then below-market prices for renewable energy from its wind farms in return for the stability provided by the long-term contracts. The Government later directed its state-controlled energy companies to terminate Invenergy’s long-term contracts under various pretexts.
The Polish Government took deliberate actions to depress renewable energy market prices to unsustainable levels. Due to the Polish Government’s unlawful termination of commercial contracts in combination with these actions, Invenergy was forced to sell its production into the market at prices significantly lower than the contracted amounts, resulting in major financial losses.
Invenergy’s notice letter states that the coordinated actions by the Polish authorities constitute a breach of investment protection obligations arising under the U.S.-Poland BIT and the ECT. Invenergy has stated its intent to submit the dispute to international arbitration if no settlement is reached within six months.
Invenergy is actively pursuing several other legal actions in the Polish courts against state-controlled entities. The Polish Supreme Court has already ruled in Invenergy’s favor in the case of Energa-Obrót S.A., finding that the state-controlled utility acted unlawfully in attempting to terminate its contractual obligations with Invenergy.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe.
Invenergy and its affiliated companies have developed 105 projects totaling more than 15,900 megawatts that are in operation, construction or advanced development, including wind, solar, natural gas-fueled power generation and energy storage projects. For more information, please visit