Spain loses first arbitration claim over cuts to renewable energy subsidies
April 22, 2018
Spain has lost its first international arbitration process over cuts to renewable energy subsidies. The International Centre for the Settlement of Investment Disputes (ICSID) has rendered an award in favor of the British-based Eiser Infrastructure Limited and its affiliate Energia Solar Luxembourg, stating that the Spanish government violated Article 10 of the Energy Charter Treaty, thus depriving the company – a fund with ties to ABN Amro – of fair and equitable treatment.
The three arbitrators appointed to the case, which was registered in 2013, condemned the Kingdom of Spain to pay €128 million in compensation plus interest. The figure falls short of the more than €300 million requested by the claimants…..