Spain Loses Bid To Annul $62M Renewable Energy Award

By Caroline Simson (June 15, 2022, 6:37 PM EDT) -- Spain has failed to set aside a €59.6 million ($62.25 million) award issued to a pair of investors after raising an intra-European jurisdictional objection, coming up short again as it faces numerous adverse arbitral awards arising from its revocation of economic incentives for renewable energy projects.

An ad hoc committee June 10 rejected the country's argument that the award should be set aside under a decision issued by Europe's highest court in a case known as Komstroy, in which the court had found the arbitration clause in the Energy Charter Treaty, under which the present proceeding had been brought, to be...

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