on VERGNET (EPA:ALVER)
VERGNET wins a major legal victory
French renewable energy group Vergnet has obtained a favorable ruling from the Paris Economic Activities Court. The court rejected Nigelec's claims regarding a dispute over a solar power plant project in Agadez, Niger. The amount at stake was €6 million.
The case stems from the termination, due to force majeure, of the power plant construction contract following the military coup in Niger in July 2023. Vergnet and BGFI Banque were exonerated from the accusations made by Nigelec.
The court ruled Nigelec's third-party claim was abusive, citing political instability and a lack of evidence against Vergnet. CEO Jérôme Gacoin welcomed the victory, which underscores the company's contractual rigor and commitment to Africa.
R. H.
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