Spain is cu­rrently the se­cond country in the world with the se­cond hig­hest number of un­paid awards

Australia And UK Authorise Seizure Of Spanish Assets Over Non-Payment To Renewables Investors


The High Court of Australia has una­ni­mously dis­missed an ap­peal filed by Spain in an in­ter­na­tional dis­pute over awards is­sued by the ICSID, the World Bank’s ar­bi­tra­tion body, linked to cuts made to re­ne­wa­bles. As a re­sult, some of Spain’s as­sets in Australia, such as Navantia as­sets, the head­quar­ters of the Cervantes Institute, bank ac­counts, etc., may be seized to meet the debt of more than €120 mi­llion owed by the Kingdom of Spain to the Antin in­ves­tors who suc­cess­fully claimed com­pen­sa­tion for the cuts made in 2014 to the ex­pected pro­fi­ta­bi­lity of re­ne­wable plants in our country.

It should be remembered that just a few days ago, the High Court of London also decreed three provisional payment orders which, if not compensated by the Spanish State, would grant Blasket Renewable Investments LL the guarantee to execute the property of the headquarters of the Instituto Cervantes in London, as well as the headquarters of the Agencia per a la Competitivitat de L’Empresa, a commercial ’embassy’ of the Generalitat de Cataluña. In addition, it has ordered the freezing of the bank accounts controlled by the Instituto Cervantes held at Banco Santander.

These provisional payment orders prior to the seizure of the buildings located at 15-19 Devereux Ct Temple and 17 Fleet Street, respond to the Spanish government’s refusal to pay the compensation set out in various international awards for the drastic cuts that the promised profitability of renewable plants in our country suffered in 2014 as a result of the reform carried out by Mariano Rajoy’s government.

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