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Spain Wins Pause Of $66M Energy Investor Award

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Spain Wins Pause Of $66M Energy Investor Award
Law360 (April 1, 2021, 10:17 PM EDT) A bid to have a D.C. federal court enforce a $66.3 million arbitral award over Spain s revocation of economic incentives for renewable projects has been put on hold in light of a pending appeal before the International Centre for Settlement of Investment Disputes.
U.S. District Judge Carl J. Nichols on Wednesday said that he would stay the proceedings in the United States because Spain had already applied to annul the award before ICSID, where the award was originally granted to Jersey-based RREEF Infrastructure (GP) Ltd. and the Luxembourg-based RREEF Pan-European Infrastructure Two Lux SARL. ....

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EU Says $66M Award Against Spain Can't Stand

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EU Says $66M Award Against Spain Can t Stand
Law360 (February 1, 2021, 5:58 PM EST) The European Commission has backed Spain s attempts to block enforcement of a $66.3 million arbitral award over revoked economic incentives for renewable energy projects, arguing that award was conferred under a treaty that doesn t govern internal EU disputes.
The Commission urged a D.C. federal court to toss the enforcement attempt brought by Jersey-based RREEF Infrastructure (GP) Ltd. and the Luxembourg-based RREEF Pan-European Infrastructure Two Lux SARL, noting that the €59.6 million award was handed down under the 1994 Energy Charter Treaty. The international energy cooperation treaty should take a back seat to European law, the Commission argued. ....

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