Hydropower Investors Seek OK Of $36M Spain Award

By Caroline Simson (September 21, 2021, 6:52 PM EDT) -- Spain is facing litigation filed on Monday in Washington, D.C., by a pair of European renewable energy investors looking to enforce a nearly €31 million ($36.4 million) arbitral award they won last summer after investing more than twice that amount in a multi-plant hydropower project.

Hydro Energy 1 SARL and Hydroxana Sweden AB told the court that the country has no choice but to pay the award, which they won after an international tribunal concluded Spain violated an underlying investment treaty after it dialed back and eventually revoked economic incentives for such projects.

The tribunal ordered Spain to pay the companies...

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