Masdar sues Spain over reforms

Masdar is part owner of the Gemasolar CSP project

Masdar is part owner of the Gemasolar CSP project

Masdar, the renewables company owned by the government of Abu Dhabi, has taken legal action against Spain regarding Madrid’s still-pending retroactive changes to its renewables support schemes.

As an investor in Torresol Energy, Masdar is partial owner of the 19.9MW Gemasolar CSP project, which was commissioned in 2011 near Seville.

Masdar on 11 February filed a complaint with the Washington DC-based International Centre for Settlement of Investment Disputes (ICSID), which is a member of the World Bank Group.

Masdar’s filing represents the fourth against Spain by foreign investors regarding changes to the country’s support schemes, according to Reuters.

Several investment funds are known to be seeking compensation from Madrid at the Paris-based International Court of Arbitration, and German utilities RWE and Stadtwerke München are also understood to be mulling Log in to read complete article.

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