Region: Spain

Spain defeats treaty claim over bank rescue

UPDATED: A group of Mexican investors have lost their €700 million treaty claim against Spain over the rescue of a bank six years ago.

15 March 2023

Renewables funds swapped out of US action against Spain

A US court has allowed the claimants to be substituted in an action to enforce an Energy Charter Treaty award even as Spain warns their directors could face criminal penalties over the move.

13 March 2023

Another solar creditor pursues Spain in US court

A Luxembourg entity has asked a US court to enforce its share of a €91 million Energy Charter Treaty award against Spain – the latest action to be brought by investors owed compensation for reforms to the country’s incentives regime for renewable energy.

27 February 2023

Spain fails with latest renewables award challenge

An ICSID committee has rejected Spain’s attempt to annul a €77 million Energy Charter Treaty award won by affiliates of London-based private equity firm Bridgepoint Advisers, despite finding that the award contained unclear findings and an error on damages.

23 February 2023

US judge grants anti-suit injunctions against Spain

A US judge hearing two actions by solar investors to enforce ICSID awards worth a combined €333 million against Spain has issued injunctions to prevent the state from trying to halt the proceedings through litigation in the Netherlands and Luxembourg.

16 February 2023

Swedish courts annul intra-EU treaty awards

The Swedish courts have set aside intra-EU investment treaty awards made against Poland and Spain based on the European Court of Justice’s rulings in Achmea and Komstroy.

14 December 2022

Japanese wind investor wins damages over Spanish reforms

A Japanese wind farm investor has won €106.2 million in the latest Energy Charter Treaty award against Spain over reforms to its renewables sector, as the state is threatened with an ECT claim by the developer of a uranium project.

22 November 2022

Spain announces withdrawal from ECT

Spain says it is withdrawing from the Energy Charter Treaty because of climate concerns, a week after the lower chamber of Poland’s parliament voted near-unanimously to exit the treaty.

13 October 2022

Mexican utility liable in LCIA dispute over power plant

An LCIA tribunal has ordered Mexico’s state-owned electric utility to pay US$22 million to a consortium of Spanish construction companies for cost overruns at a power plant project – as details emerge of a separate award issued against the utility last year.

04 October 2022

Portuguese investor gets damages in Spain solar case

An ICSID tribunal has ordered Spain to pay €9 million plus interest to a Portuguese investor over reforms to its renewable energy subsidy regime.

30 September 2022

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