CL-2025-000376 - [2025] EWHC 2875 (Comm)

In this Judgment I give my reasons for continuing the injunction orders that had previously been made by Robin Knowles J. on 15 August 2025 and Bryan J. on 28 August 2025.

These Injunctions Applications arise out of disputes between the Applicants (the “NPP Parties”) and the Rio Alto Respondents (the “RAE Parties”) relating to their joint ownership, through the Third Defendant, Fundo De Investimento Em Participações Conjunto Coremas – Multiestratégia “FIP Coremas”, of three solar power plants in Brazil (the “Projects”). The Projects are in the process of being sold to a third-party buyer. The proceeds of that sale (the “Sale Proceeds”) will be received by FIP Coremas and distributed by the Fourth Defendant, TMF Brasil Serviços De Administração De Fundos Ltda (“TMF”), the manager and administrator of FIP Coremas.

The NPP Parties submit that they are contractually entitled to receive 100% of the Sale Proceeds. The RAE Parties, however, assert for their part, that they are entitled to approximately 13.85% of the Sale Proceeds (the “Disputed Proceeds”). The TMF Parties (comprising FIP Coremas and TMF) do not oppose the continuation of the present injunctions.

By these Injunction Applications, the NPP Parties have sought to prevent the Disputed Proceeds from being distributed to the RAE Parties pending the resolution of the parties’ disputes in proceedings in England (the “English Proceedings”) and London-seated arbitration (the “Arbitration”). They do so because RAE is currently undergoing a reorganisation (i.e. restructuring process) in Brazil. There is, they say, therefore a significant risk that, if RAE receives the Disputed Proceeds, it will subsequently go out of business and be unable to satisfy the NPP Parties’ claim to recover the Disputed Proceeds, in circumstances where it is submitted that the Disputed Proceeds should never have been paid to the RAE Parties in the first place.