Spain challenged over renewable subsidy cuts

Two infrastructure investment funds are seeking compensation through the World Bank for cuts Spain has made to its renewable energy support

Two investment funds have taken Spain to the World Bank’s investment disputes centre (ICSID) in Washington over changes to the country’s support for renewables. They are the latest in a series of organisations challenging the cuts.

The funds, Deutsche Bank’s RREEF Infrastructure and BNP Paribas-backed Antin Infrastructure, together bought a 90% stake in two concentrated solar plants in Andalucia from the Spanish firm ACS in July 2011. A series of government decrees since then have sharply cut returns from renewable energy projects in Spain.

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