TORONTO – An energy company must immediately pay about $14 million to another company even as it seeks to fight the award before Canada’s highest court, the Ontario Court of Appeal ruled on Wednesday.
In dismissing a stay of an earlier ruling, the Court of Appeal decided that allowing Alectra Utilities to hold off paying what it owes Solar Power Network would not serve the interests of justice.
The issue arose in September 2016 when Alectra canceled a financing agreement with Solar Power for the construction of solar-power projects in Ontario. Under a contract in which they had agreed to binding arbitration, Solar Power asked an arbitrator to award them $19.5 million in damages. Court records show the arbitrator concluded Alectra had terminated the deal illegally and awarded Solar Power $12.3 million for lost profits.