€128M Award Against Spain Over Energy Subsidies OK'd

Law360, New York (June 27, 2017, 8:08 PM EDT) -- Two companies hailing from the U.K. and Luxembourg on Tuesday obtained a New York federal court's blessing of a more than €128 million arbitral award, which they won from a World Bank tribunal following a dispute with Spain over renewable energy subsidies.

U.S. District Judge Lewis A. Kaplan signed off on a proposed order submitted by London-based asset manager EISER Infrastructure Limited and Energia Solar Luxembourg SARL, a Luxembourg-based company wholly owned by EISER, with little fanfare. The €128 million arbitral award is worth approximately $145 million by Tuesday's exchange rates.

The award was issued last month by an International Centre for...

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