Impax, Hudson Seek Damages Over Spain Solar Subsidies
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Impax Asset Management Group Plc, Hudson Clean Energy Partners and HGCapital are among at least 15 international investors demanding compensation from the Spanish government over retroactive cuts to the country’s solar power subsidies.
The companies have invested more than 4 billion euros ($5.6 billion) in Spanish solar photovoltaic projects and are seeking reparations under the Energy Charter Treaty, the law firm Allen & Overy that’s representing the fund managers said today in an e-mailed statement. They didn’t specify how much damages they’re seeking. Two calls to Spain’s industry ministry today weren’t answered.