Arbitrators Side With Spain In Renewable Energy Case
Law360, New York (January 25, 2016, 11:38 PM EST) -- The Court of Arbitration of Madrid has tossed a dispute brought against Spain by two foreign investors in a power plant over the country’s 2010 cuts to renewable energy subsidies, Spain’s Ministry of Industry, Energy and Tourism announced Monday.
The arbitrators dismissed the complaint filed by Netherlands-based Charanne BV and Luxembourg's Construction Investments SARL and concluded Jan. 21 that Spain’s policy changes did not violate any legitimate expectation under international law that the country would not eventually alter its system of incentives and subsidies for the industry.
“In fact, the arbitral tribunal notes that investors could have easily foreseen, given the...
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