FRESHFIELDS
CHAFFETZ LINDSEY LLP
9 June 2025
By Email
Mr Santiago María Castro Videla
Mr Juan Ignacio Stampalija
[email protected]
Mr Julio Pablo Comadira
Ms Mariana Mabel Lozza
[email protected]
Ms María Alejandra Etchegorry
[email protected]
Procuración del Tesoro de la Nación
Posadas 1641 – CP1112
Buenos Aires, República Argentina
Dr Eduardo Silva Romero
[email protected]
Mr José Manuel Garcia Represa
[email protected]
Mr Javier Echeverri
[email protected]
Ms Ruxandra Esanu
[email protected]
Wordstone Dispute Resolution
80 Rue Jouffroy d’Abbans
Paris, France 75017
ICSID Case No. ARB/02/17 – The AES Corporation v. The Argentine Republic
Dear colleagues,
We write on behalf of The AES Corporation (the Claimant) in the above-referenced arbitration to demand payment of amounts owing under the award issued in that proceeding, dated 30 May 2025 (the Award).
As you are aware, pursuant to paragraph 602(ix)-(xi) of the Award, the Tribunal awarded the Claimant damages in the amount of US$715.9m (the Damages), along with continuous pre- and post-Award interest on the Damages at a rate of the 1-year United States Treasury Bill from 31
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December 2020,1 until all Damages and accumulated interest are paid in full. These amounts remain unpaid.
In addition, the Tribunal ordered the Respondent to reimburse the Claimant for its legal fees and expenses in the amount of US$15,807,955.30 and arbitration costs in the amount of US$1,273,176.52. These amounts likewise remain unpaid. The Tribunal further ordered simple interest on these sums at a rate of the 1-year United States Treasury Bill.
Pursuant to the calculations attached at Annex I, the total amount of interest on the Award as of 31 May 2025 is US$86,076,418.
In total, the Award requires the Respondent to pay the Claimant US$ 819,057,549, calculated as of 31 May 2025. This amount will be adjusted depending upon the date of dispatch.
In accordance with the obligations of the Respondent pursuant to Article 53(1) of the ICSID Convention to abide by and comply with the terms of the award, the Claimant requests that prompt payment be effected by wire transfer by the Respondent to the following account:
The AES Corporation
Citibank N.A. New York (SWIFT code: CITIUS33)
Routing No. 021000089
Account No. 30530758
Tax ID: 54-1163725
Please confirm by Friday, 13 June 2025 that full payment will be made promptly and in no event later than Friday, 20 June 2025. In the meantime, the Claimant reserves all of its rights including but not limited to pursuing recognition and enforcement of the Award should such payment not be forthcoming.
Sincerely,
Signature |
Signature |
Nigel Blackaby KC |
James M. Hosking |
1 For the first five months of 2025, the rate applied is the rate prevailing as at 31 December 2024. This is consistent with the approach taken by Dr Flores in his Exhibit QE-85. ↩
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cc (via email):
Mr Eduardo Ezequiel Casal
[email protected]
[email protected]
Procuración General de la Nación
Tte. Gral. Juan D. Perón 667 – CP1038
Buenos Aires, República Argentina
Mr Luis Andrés Caputo
[email protected]
[email protected]
Mr José Ignacio García Hamilton
[email protected]
Mr Daniel González
[email protected]
Ministerio de Economía
Hipólito Yrigoyen 250 – C1086
Buenos Aires, República Argentina
Attachment:
Annex I
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| Total Principal | $732,981,131.82 |
| Damages (Award, para 602(ix)) | $715,900,000 |
| 80% of Legal fees and expenses excluding suspension period (Award, para 602(x)) | $15,807,955.30 |
| Costs of arbitration paid by Claimant (Award, fn 774) | $1,273,176.52 |
| Interest from 31 December 2020 through 31 May 31 2025 at US T-bill Rate (Award, para 602(xi)) (using Respondent’s Ex. QE-85) | $86,076,418 |
| Total as of 31 May 2025 | $819,057,549 |
2 All amounts in USD. Post-Award interest continues to run, and likewise remains due and owing per paragraph 602(xi) of the Award. ↩