US EditionSpain’s New Judicial Defeat in Australia with Claims of 500 Million for the Cut to Renewables
8 Articles
8 Articles
The Federal Court of Australia has handed down a judgment against Spain in four proceedings for the enforcement of arbitral awards for the reduction of renewable premiums brought...
The funds that demanded from Spain for the reduction of premiums to renewables of more than a decade ago intensify the pressure on the government. According to sources close to the plaintiffs, the Australian court has ordered this Friday to execute renewable awards against Spain for the value of 469 million euros, to which it will have to add interest of delay and costs, so that the coup could climb to approximately 500 million.
This morning, the Federal Court of Australia handed down a landmark judgment against the Kingdom of Spain in four enforcement proceedings for arbitral awards linked to the retroactive reduction of renewable premiums. Justice Stewart has flatly rejected the arguments of sovereign immunity put forward by the Spanish State and has given the applicants reason on all points of the judgment.
Spain, with 26 losses and more than 1.4 billion outstanding in international arbitrations, remains unresolved its debt in renewables.
The interest on delay and the costs of four proceedings already decided by Ciadi in favour of renewables should be added.
The Australian court has handed down a judgement against the country in four proceedings ordering the execution of arbitral awards amounting to 469 million euros. This has been ordered by Judge Stewart of the Federal Court of Australia, who has rejected the arguments of sovereign immunity presented by the Spanish State and has given the plaintiffs reason at all points of the judgment. In total, the sentences amount to more than 469 million euros…
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