US opens the door to enforce against Spain renewable energy awards that were annulled
A US court rules it has jurisdiction to enforce arbitral awards that, years after being issued, were set aside by a Swedish court.
A US court has ruled that it has jurisdiction to enforce arbitration awards that were later annulled by a Swedish court. The Court for the District of Columbia decided on September 28 that two awards, totalling €92.3 million, in favour of Novenergia and Foresight, can be enforced despite being annulled by the Svea Court of Appeal in Sweden.
This decision may set a precedent for enforcing awards that are not final or have been declared null in their original jurisdictions. Spain has been ordered to pay investors a total of €836.6 million in nine US court cases over the past year. Additionally, a US judge has ruled that Spain must indemnify investors in four cases, totalling around €90 million, related to investments in Spanish wind farms.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
