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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