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Leaf Clean Energy shares jump after Delaware court verdict
Renewable energy investment firm Leaf Clean Energy saw its shares boosted by over 10% on Friday after the Delaware court of chancery ruled in its favour regarding a dispute with Invenergy Wind LLC.
The court found that wind farm owner and operator Invenergy Wind not only breached its agreement with Leaf Clean, for which the latter company was awarded a nominal $1 in damages, but also ruled against Invenergy's counterclaim, meaning Lead Clean will receive a redemption sum of $50.7m.
The counterclaim alleged that Leaf Clean had breached provisions governing its ability to put its shares, and Invenergy's ability to call those shares.
Leaf Clean has already filed an appeal against the nominal damages awarded and, as Invenergy has already declared it will cross-appeal, it is now obliged to pay Leaf Clean $36.4m of the total amount owed by 21 June.
The remaining amount will be paid into an account and distributed based on the ruling on the new appeal.
Following its receipt of the $36.4m, Leaf Clean said it intends to "announce a compulsory redemption of shares with details provided at that time."
As of 1400 BST, Leaf Clean Energy's shares were up 12.33% at 24.15p.