Global law firm White & Case LLP has advised Teollisuuden Voima Oyj (TVO), a Finnish electricity producer, on the negotiation of a global settlement agreement which ends its arbitration against French nuclear group Areva and German technology group Siemens in relation to the Olkiluoto 3 EPR (OL3 EPR) project in Finland.
The agreement between TVO and the Areva-Siemens consortium ends the arbitration while retaining the main principles of the plant contract (turnkey contract, joint and several liability of the consortium members) and ensuring the human, technical and financial resources needed for the completion of the OL3 EPR project. The agreement includes the payment to TVO of a €450 million settlement indemnity, as well as an incentive payment for a maximum amount of €150 million and a penalty for a maximum amount of €400 million.
White & Case lawyers based in Paris, London, Brussels, Frankfurt and Helsinki advised TVO.
The team in Paris which advised on the negotiation of the settlement agreement was led by partners Céline Domenget-Morin, Andrew McDougall, Nathalie Nègre-Eveillard and Philippe Métais, with support from associates Bruno Pousset, Alann le Guillou, Marie Gicquel and Julien Huet. The Paris team which advised on the arbitration was led by partners Elizabeth Oger-Gross and Kirsten Odynski, with support from associates Philippe Boisvert, Maud Elezam and Elina Aleynikova. The Paris team which advised on the litigation included associates Mathilde Cousteau and Axelle Grillault Laroche and the team which advised on European laws aspects was led by partner Yann Utzschneider, with support from counsel Orion Berg.
The team in London which advised on the negotiation of the settlement agreement was led by partners Phillip Capper, Clare Connellan and Daniel Garton, with support from counsel Chris Duncan and associates Nika Larkimo and Alexandra Doyle. The London team which advised on the arbitration was led by partner Charles Balmain, with support from associates Rebecca Major, Mark Sanders and Ralph Goodchild. The Firm's team in Brussels which advised on European laws aspects was led by partner Mark Powell, with support from local partner Kai Struckmann, counsel Genevra Forwood and associate Marika Harjula. The White & Case team in Frankfurt which advised on German law aspects was led by partners Markus Burianski and Jan-Philipp Hoos. Helsinki based associates Tuuli Timonen and Heidi Blomqvist also advised on the transaction and on the arbitration.
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