Italian businessman Francesco Becchetti has lost at the International Court of Arbitration confronting the Albanian State. The end of the contract for the construction of the Kalivaçi hydropower plant by the Ministry of Energy and Industry in 2014 was filed by Hydro S.R.L. owned by Becchetti entrepreneur. He claimed to win on this issue against the Albanian state 137 million and 235 thousand Euros, plus 1.2 million more on court costs.

But Albania made a counterclaim against Hydro SRL and claimed redress from a businessman at a higher value of 158m Euros for non-execution of the contract, as well as interest-rate payments of 12.9m Euros for delaying the HEC’s investment of Kalivaçi.

On January 8th, the arbitration tribunal decided to dismiss the company’s lawsuit SRL, declaring it guilty for failing to execute the contract and paying it for court costs.

The contract with the Italian company had been signed since 1997 and projected to invest 150 million Euros, but so far this hydropower plant has not been completed. Three months ago, the Albanian government has accepted the “Ayen Enerji” and the “Fusha” to continue the construction of the Kalivaç hydropower plant./