Green Giraffe acted as an expert witness on behalf of the Government of Canada in the arbitration process initiated against it pursuant to Chapter 11 of NAFTA by US project developer Windstream in respect of the moratorium on offshore wind development put in place by the province of Ontario in 2011. Green Giraffe’s work was focused on the drivers of the valuation of offshore wind projects at various stages of development.
The arbitration tribunal expressly accepted the evidence of Green Giraffe in finding that the Windstream project was at an early stage of development and thus could not be valued as a fully operational project. The Claimant had sought CAD 565 M in damages, but based on the work of Green Giraffe, which the Tribunal noted formed the starting point for its analysis, the Tribunal concluded that the damages suffered were only a fraction of that amount, CAD 25 M.
