English Court Orders Santander to Pay $90.8 Million to Globeleq

The Commercial Court found that Santander had no valid defense against claims filed by Central Térmica de Temane (CTT), a project majority-owned by Globeleq. The ruling highlights that the bonds, intended to support the construction of a 450 MW power plant, function as "the lifeblood of commerce" and are legally comparable to cash. By refusing to stay enforcement, the court addressed an 18-month delay in payment, citing the potential damage to the bank's international reputation.

Santander had attempted to block the payout by citing an interim injunction issued by a Spanish court regarding TSK. However, the London-based judge determined that the bank’s obligation to pay into a Mozambican account remained firm, regardless of the Spanish proceedings. Jonathan Hoffmann, CEO of Globeleq, stated that the decision reinforces the reliability of financial protections for the nationally significant energy project. The company is now demanding immediate compliance to resolve the uncertainty surrounding the project’s funding.