NovEnergia Says $61M Award Against Spain Can Be OK'd

Law360 (December 3, 2018, 6:38 PM EST) -- Luxembourg-based NovEnergia II-Energy & Environment SCA has rebutted arguments that its €53.3 million ($60.5 million) award against Spain over renewable energy investments cannot be enforced, telling a D.C. federal court that Spain has presented "an array of misleading and inaccurate arguments."

NovEnergia argued Friday that Spain is simply unhappy with the results of the arbitration and hoping to avoid its obligation to pay the award, which NovEnergia won from a Stockholm tribunal in February over changes to Spain's renewable energy regulatory framework that adversely affected the company's investments in eight solar energy plants in the country.

In October, Spain told the...

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