Swords are raised high. Fifteen funds that invest in the solar energy sector are prepared to file a lawsuit against the Spanish government in response to the huge blow that the Ministry of Industry dealt them last Christmas. Solar install subsidies were cut, and the effects are now having a negative impact on solar company earnings.
According to sources familiar with the proceedings, what are expected to begin next week, the funds have prepared a lawsuit that they will bring against the Spanish government for an international arbitration of around 600 million euros.
Implementing the decision, which has already been adopted, has delayed for nearly a year because the government tried to negotiate a settlement on various occasions, lastly on June 8.
The lawsuit, headed by the firm Allen & Overy, includes the following firms: AES Solar, Element Power, European Energy, Foresight Group, GreenPower Partners, HgCapital, Hudson Clean Energy, Impax Asset Management, KGAL Gmbh & Co. KG, GWM-Lux Energia Solar, NIBC Infrastructure Partners, Eoxis Energy, Scan Energy, Ampere Equity Fund y White Owl Capital.
These investors currently manage more than 30 billion dollars and more than 70 pension funds and other institutional and private investments that combined sum up to more than 3 billion dollars capital under management and nearly a third of the installed solar power in Spain.
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