US courts hand Spain thirteen rulings over retroactive renewable energy cuts
The US District Court in Washington, D.C. issued four new judgments favoring foreign investors, bringing the total number of US decisions against Spain to thirteen.
In a recent ruling, the US District Court for the District of Columbia affirmed four additional arbitration awards against Spain, raising the tally of US decisions to thirteen. Judge Randolph D. Moss dismissed Spain's motions to stay or set aside the awards, emphasizing that CIADI rulings must be treated like domestic judgments. The disputes stem from wind-energy investments made under Spain's former incentive scheme, which were later altered retroactively between 2010 and 2014.
Claimants from Malta, Switzerland, Germany and Luxembourg received awards of €29.3 million (OperaFund and Schwab), €27.7 million plus costs and accrued interest (Steag), and €32.9 million plus costs and interest (Renergy). Prior US cases, including Watkins and Eurus, had already resulted in nine judgments. The growing series of defeats highlights Spain's broader challenges in enforcing its legal strategy across multiple jurisdictions.
Why it matters
The rulings increase Spain's financial exposure and signal risks for foreign investors in retroactive policy changes.
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