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EU Says $66M Award Against Spain Can't Stand
Law360 (February 1, 2021, 5:58 PM EST) -- The European Commission has backed Spain's attempts to block enforcement of a $66.3 million arbitral award over revoked economic incentives for renewable energy projects, arguing that award was conferred under a treaty that doesn't govern internal EU disputes.
The Commission urged a D.C. federal court to toss the enforcement attempt brought by Jersey-based RREEF Infrastructure (GP) Ltd. and the Luxembourg-based RREEF Pan-European Infrastructure Two Lux SARL, noting that the €59.6 million award was handed down under the 1994 Energy Charter Treaty. The international energy cooperation treaty should take a back seat to European law, the Commission argued.