Spain to Pay Out

SPN Ciadi SentenceSpain has lost an international court case over green-energy funding, which was cut back in 2010 leaving the British company Eiser in the lurch.

When the British company invested in a project in Spain, they were partners with the Spanish company Elecnor and the engineering company, Aries. Eiser had obtain nearly 37% of Aries Solar Termoeléctrica (Aste), which possesses two thermosolar plants that generate 50 MW. They also obtained nearly 39% of Dioxipe Solar (Astexol), that also has a 50MW thermosolar plant in Badajoz.

The total amount invested by the British company in 2007 was 935-million euros, which was also the year that the Spanish Government passed the Royal Decree 661/2007; a move that gave the renewable-energy sector in Spain a tremendous boost.

However the PSOE government made cuts in support in 2010, followed again in 2013 by the PP government.

As a result of the finding of the European Arbitration Court, Ciadi, Spain must cough up 128m euros, plus interest, but this case is only the first of 30 cases being brought against the Spanish Government.

Spain is appealing against the finding.

(News: Spain)

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