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Spain Liable In Renewable Energy Fight With NextEra Units

Law360 (March 14, 2019, 7:16 PM EDT) -- An international tribunal has held Spain liable in an arbitration initiated by two Dutch subsidiaries of U.S.-based NextEra Energy Inc. relating to the country's renewable energy regulatory regime, potentially leaving it on the hook for about €291 million ($329 million) in damages claimed by the companies.

The International Centre for Settlement of Investment Disputes tribunal sided with NextEra Energy Global Holdings BV and NextEra Energy Spain Holdings BV in concluding that Spain had wrongly abolished its premium and tariff system for renewable energy, which the companies said had formed the basis of their investments in two solar power plants situated in...

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