January 23, 2021

Acciona claims 1,074 million to Catalonia for the termination of the ATLL contract

Acciona claims 1,074 million to Catalonia for the termination of the ATLL contract


MadridUpdated:

Acciona claims 1,074 million euros from the Government of Catalonia for the termination of the management contract of Aigües Ter Llobregat (ATLL), the company that supplies drinking water to 4.5 million inhabitants of this Community, which is expected to materialize at the beginning of next year.

It is the amount that results from adding to the 305 million already estimated by the cancellation of the concession contract the 769 million calculated in concept of damages from the "expert reports" commissioned by the company.

"Therefore, the total compensation owed by the Generalitat would amount to approximately 1,074 million euros», Acciona told the National Securities Market Commission (CNMV).

However, the company indicates that this amount does not include the deduction of the provisions for ordinary liquidation of the contract, which would add an additional 38 million euros.

The company presided over by José Manuel Entrecanales confirms the information provided by the newspaper 'Expansión', which indicates that Acciona and its partner in this contract, the British fund Pioneer Point Partners, presented on Wednesday a letter to the Generalitat with this calculation of compensation.

Acciona currently holds a 76.05% of the concession company In 2012, the management contract of ATLL was awarded, a firm that consolidated in its accounts since 2016, when it increased its stake in the firm to this percentage.

The termination of the contract is a consequence of the judgment issued last February by the Supreme Court, which ratified the annulment of the concession contract already issued by the Superior Court of Justice of Catalonia in June 2015 before the appeals filed by any of the parties involved in hiring this service.

Given the conjuncture of the reversion of the concession, last July, the Government approved by Decree Law the constitution of a new company 100% public to take charge of ATLL, which will start operating on January 1, 2019 to manage the production and supply of drinking water to the population under the control of the Agència Catalana de l'Aigua (ACA).

This Decree Law fixed, as a first step, the creation of a liquidation commission that puts figures to the annulment of the contract of adjudication of the ATLL.

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