Spain loses court case after cutting support for renewable energy

Two equity funds will receive sizeable compensation for economic damages after the Spanish government cut subsidies for renewable energy in 2013. The ruling is just one in a long line of lawsuits filed against the Spanish government.

Photo: Mainstream Renewable Power

The Spanish government has been sentenced to pay a fine to two equity funds as retroactive compensation for cutting subsidies to renewable energy sources, announces Spain's Ministry of Energy.

The electricity reform, announced in 2013 and implemented in 2014, has cost developers upwards of EUR 2.15 billion, according to the industry. Meanwhile, media report that a total 26 international investors have filed similar arbitration cases against the Spanish government.

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