Power plant rift in commercial court
Cardinal Asset Management (CAM), with registered offices in Ballsbridge, Dublin 4, and Nick Corcoran and Nigel McDermott of CAM claim they are entitled to participate in the joint venture between Mountside Properties Ltd and GE Energy LLC regarding the two peak power plants. The joint venture is to be carried on through Greener Peaking.
Mountside’s interest in the joint venture is valued at €40 million. The plaintiffs claim they are entitled to a two-thirds beneficial interest in Mountside on the basis of agreements allegedly reached after they participated with Mountside in another project, the Tynagh energy project in Co Galway.
