Friday, March 11, 2011

Spanish solar investors seek compensation

From PV-Tech:
A group of 15 investors have launched a legal challenge to overturn Spain's decision to cut its feed-in tariff, reports Private Equity News. The group, who are thought to have invested more than €4 billion in the Spanish PV industry and includes private equity and infrastructure funds such as Impax Asset Management and Hudson Clean Energy Partners, are appealing the decision under the international Energy Charter Treaty.

"The changes that Spain has made to the sector will cause substantial harm to these investors. Spain’s actions appear clearly inconsistent with the investor protections afforded by the Energy Charter Treaty, which is why we and the investors believe there is very strong case for compensation,” said Stephen Jagusch, an international arbitration specialist at Allen &Overy, the law firm representing the investment group....MORE
Kids, I keep telling you, we must have the mindset of the first recipient of the prestigious Climateer Investing "Our Hero" award, the 26th Secretary of War, the Democrat and Republican (!) Senator from Pennsylvania, Simon Cameron:
Our Hero
Simon Cameron
"The honest politician is one who 
when he is bought, will stay bought."