According Reuters, is not yet clear how much would ask these investors as damage from the Spanish government, but foreign investment funds are holding assets of 13 billion euros in Spanish renewable energy industry.
Spanish Parliament recently approved a law that cuts the state subsidies for technology development for the renewable energy industry. This measure, plus a tax on electricity generation will be a heavy blow to the industry, virtually erasing all the photovoltaic, thermal and wind power capacity profits in Spain, say lobbyists.
Blow after blow
In early September 2012, Spain has temporarily frozen subsidies for new renewable installed capacity, keeping only those already enrolled for manufacturers in the pre-allocation register.
Until this year, renewable energy companies could choose to sell production from a fixed rate set by the government and the market price plus a subsidy. Since 2013, they can only choose between fixed rate and market price without subsidy and is therefore forced to take financial risks.
International law firm Allen & Overy told Reuters that represents a group of investors in solar energy that are taking into account the request of compensation from the authorities in Madrid, under the international treaty on the Energy Charter which, among other things, establishes rules on energy litigation arbitration.
"International investment funds bear legal consultations on how to proceed. There will be more lawsuits filed", said the General Secretary of the solar industry association, Luis Crespoo. According to him, it’s about the investors from the U.S., Japan and United Arab Emirates.
On the other hand, Spanish Minister of Industry, Jose Manuel Soria, supported the new law saying that the measures are necessary to eliminate the accumulated deficit of 28 billion euros from the electricity supply system of Spain.
"Green Bubble"
The deficit was accumulated since 2000, while the governments that succeeded at the helm of Spain did not want either to increase regulated electricity tariffs or to liberalize the market. To this were added the costs of subsidies for renewable energy.
Sources among investors said that new legislative measures could lead to bankruptcy some solar energy projects, especially those based extensively on loans.
Foreign investors have started in recent years many wind and solar projects in Spain, attracted by generous grants from public funds. Subsidy costs were transferred only to a very small extent on consumers, to avoid increasing the cost of electricity, but which aggravated the State's deficit.
Some of the foreign investment funds who are preparing to sue the government of Spain are among the 11 that in July last year, sent a letter to the Spanish Prime Minister, Mariano Rajoy, to complain of another energy reform measure with negatively retroactive effect on investment in the field.
The letter was signed by Ampere Equity Fund, AES Solar, KKR, RREEF Infrastructure, MEAG, KGAL, Infrared Capital Partners, HG Capital, Eiser Infrastructure Partners, Cube Infrastructure and Antin Infrastructure Partners.
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