International investment funds with shares in Spanish Concentrated Solar Power plants are gearing up to take Spain to international courts.
Major foreign investment funds with solar thermal interests in Spain are mobilizing to launch the relevant procedures to bring the Kingdom of Spain to international arbitration of investment under the Treaty which has the Energy Charter as consider that the latest measures taken by the Government, as the tax from 7 percent to electricity production, the elimination of the premium to the gas generated, the central requirement that only eligible for regulated rate mode and update the change in the IPC, are jeopardizing their investments in our country.
RREEF Infrastructure, the largest infrastructure asset manager for Deutsche Bank, the first German financial institution; Eiser Infrastructure Partners, an independent fund infrastructure based in London; Infrared Capital Partners, based in London and with offices in Hong Kong, New York, Paris and Sydney, and Antin Infrastructure Partners, the investment fund focused on projects in the energy sector, has hired the law firm Allen & Overy, with extensive experience in this type of action.
Year and a half ago, the law firm filed an arbitration claim against the government on behalf of 14 international investors subsidy cuts photovoltaic installations. These funds represent about 300 megawatts, nearly 10 percent of the total power installed PV in Spain.
But funds are not the only ones who are unhappy with this situation. Large Japanese companies like Mitsui, Mitsubishi, Itochu and JGC, which have alliances with companies such as Acciona, Abengoa and FCC, and have also invested in some concentrating solar thermal plants in Spain, in C