EU Says €39M Award Against Spain Cannot Be Confirmed

Law360 (May 7, 2019, 8:14 PM EDT) -- The European Commission has urged a New York federal court to side with Spain and reject a bid to enforce a €39 million ($43.8 million) arbitral award against the country, saying the award was improperly issued and goes against European Union law.  

The commission said May 3 that Foresight Luxembourg Solar 1 SARL and several other EU entities’ should not be allowed to confirm the award — related to losses allegedly incurred due to Spain’s scaling back of favorable tariffs for solar energy projects — as the Energy Charter Treaty that was allegedly violated does not apply to intra-EU disputes....

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Court

New York Southern

Nature of Suit

Other Statutes: Arbitration

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Date Filed

April 10, 2019

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