Spain on Tuesday lost an appeal in its bid to claim immunity in a London court in a multi-million-euro case over cuts to renewable energy incentives.
Two investors, Infrastructure Services Luxembourg and Energia Termosolar, took Spain to arbitration under the Energy Charter Treaty 10 years ago for withdrawing subsidies for renewable energy.
The investors’ award was later registered at London’s High Court, which last year refused Spain’s attempt to overturn the award on the grounds it had sovereign immunity. Spain’s appeal was refused by the Court of Appeal in London on Tuesday.
