Spain Ordered To Pay $35M Over Clean Energy Rule Changes

By Caleb Symons (May 10, 2022, 9:14 PM EDT) -- A divided international tribunal has ordered Spain to pay a Luxembourg-based renewable energy investor nearly €33 million over the country's decision to roll back clean-energy subsidies, which arbitrators said undermined the company's expectation of a stable regulatory regime.

That policy shift — which Spain undertook over several years, beginning in 2012 — violated the global Energy Charter Treaty by hurting investments that Renergy S.à.r.l. had made in Spanish wind and solar-energy facilities, the tribunal's two-member majority ruled Friday.

In its award, worth $34.7 million, the International Centre for Settlement of Investment Disputes panel endorsed Renergy's claim that Spain had created an expectation...

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