Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain ordered to compensate wronged Solar investors

Source: Renewables Now - Mon 15th May 2017
Spain ordered to compensate wronged Solar investors

The International Centre for Settlement of Investment Disputes (ICSID) ruled in early May that Spain should pay EUR 128 million (USD 139m) plus interest to two investors in concentrated solar power (CSP) hurt by policy changes.

Eiser Infrastructure Ltd and Energia Solar Luxembourg have been successful in their case against Spain, though they were not awarded the full EUR 300 million in sought damages.

According to the ICISD Arbitral Tribunal, regulatory changes concerning support for renewable energy have had a devastating effect on prior investments, such as these in CSP, breaching Article 10 of the Energy Charter Treaty.

Spainís energy reform in 2013 and 2014 included retroactive cuts to renewables incentives, affecting the performance of many power producers and igniting numerous disputes. The Spanish energy ministry said in a statement the result of this award cannot be extrapolated or constitute a binding precedent for other pending arbitrations.

In a brief on the topic, law firm Watson Farley & Williams notes that numerous cases against Spain and Italy in the field of renewables are awaiting decisions from the World Bankís ICSID. The Eiser case is the first to be closed.

Recommended Reading :

* Spain loses arbitration claim over renewable energy subsidy cuts

* Brussels chides Spain over subsidies for harmful fossil fuels

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs