Cox derrota a Ghana y logra un laudo favorable de más de 200 millones

Cox has won two arbitration proceedings related to the Accra desalination plant project and the state guarantee backing the water sale contract with the Ghanaian public company. This victory provides a significant boost to Cox in the ongoing arbitration dispute with Ghana over the Accra desalination plant. Befesa Desalination Developments Ghana (BDDG), a subsidiary that controls 95% of the company led by Enrique Riquelme, has been notified of two favorable rulings totaling over 200 million euros against the Ghanaian public water company and the Republic of Ghana.

According to the CNMV communication on Monday, Ghana must pay Cox $235 million - approximately 204 million euros, at the current exchange rate - net of taxes, for the termination of the contract. This amount will also include interest accrued from April 1, 2026, until the date of effective payment. Additionally, Ghana must partially reimburse legal costs incurred by BDDG during the proceedings.

In its arbitration claim, Cox initially demanded $356 million - around 310 million euros - so the tribunal has recognized the company around 66% of the compensation it sought for losses caused by the breach of several contracts and guarantees related to the Accra plant. This litigation did not stem from Cox's own project, but is inherited from the Abengoa era.

The plant was constructed and developed by Abengoa Water, via BDDG, in a consortium with the Japanese Sojitz and local partner Hydrocol. Inaugurated in 2015, it was the first large-scale desalination plant in West Africa. The second of the two rulings resolves the dispute with the Ghanaian state, declaring that the Republic of Ghana must meet the amounts recognized in the rulings under the state guarantee associated with the project, while expressly excluding that BDDG's subsidiary could double recover by collecting from both debtors for the same concept.

The arbitration proceedings have dismissed the counterclaims filed by the Ghanaian public water company, including a claim of $144.5 million - around 126 million euros. While the legal victory is significant, Cox is cautious about its financial impact, as the recognized amounts are gross figures within the project's financial structure and do not directly equate to net cash attributable to Cox.

The company's overall economic and accounting impact will depend on the actual recovery of the amounts, the project's financial structure, the rights of third parties involved, and the final accounting treatment. Cox also notes that, alongside the firmness of the rulings, the parties are engaged in negotiations aimed at reaching a mutually beneficial settlement, without relinquishing the rights recognized by its subsidiary in the arbitration.