Solar Energy Investors Win €16M In Arbitration Against Italy
Law360 (September 15, 2020, 7:53 PM EDT) -- An international tribunal has awarded a trio of renewable energy investors more than €16 million ($18.95 million) in arbitration after Italy scaled back a series of economic incentives, ruling by majority that Rome had effectively promised to keep the incentives in place for 20 years.
The International Centre for Settlement of Investment Disputes tribunal concluded in a Monday award that the claimants, investment funds from Germany and Austria that had purchased a series of solar energy power plants in Italy, had legitimately expected they would be paid the favorable tariffs throughout the 20-year duration of the incentive period.
The tribunal based...
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