MADRID, Oct 23 (Reuters) - Spanish electricity grid operator Red Electrica said late on Wednesday that it would receive a compensation payment of around $35 million from the Bolivian government for the expropriation of its local unit in 2012.
Bolivia’s leftist President Evo Morales nationalised Red Electrica’s Transportadora de Electricidad (TDE) after accusing the company of failing to invest enough in the country’s power grid.
Red Electrica, which bought TDE in 2002 for $91 million and had said that the unit was worth $164 million at the end of 2011, had threatened to seek World Bank arbitration if it did not receive fair compensation for the loss of TDE.
It said in a statement to Spain’s stock market regulator that the deal was yet to be finalised and no payment had yet taken place. (Reporting by Julien Toyer; Editing by Paul Day and Gopakumar Warrier)