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04/16/2021 08:00 AM EDT
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BlackRock, Citi in $100 Million Fight Over Texas Storm Aftermath By Christian Berthelsen | April 16, 2021
A Texas wind farm owned by BlackRock Inc. is locked in a $100 million court battle with Citigroup Inc. over losses caused by the devastating winter storms in Texas.
The BlackRock unit, Mariah Del Norte, sells power to Citigroup under a 2016 agreement, but was unable to generate power during the February storm. Citigroup has declared the event a default and sought to bill the unit $100 million for undelivered power, which Mariah says is more than the wind project’s total revenue from 2017 to 2020.
The Mariah unit, in response, has sought to invoke a force majeure clause in the agreement to void its normal obligations, noting the storm was so crippling that it wasn’t even available to procure power from other sources to provide to Citigroup in satisfaction of the contract. Mariah is asking a judge to issue an injunction barring Citigroup