Dec. 19 (Bloomberg) -- Foreign investors in the solar energy industry in the Czech Republic plan to file an arbitration lawsuit against the state in the first quarter of 2013, citing “unfair” treatment.
Ipvic, an association of mostly German closely held companies that invested in the Czech business, will seek “compensation for considerable financial loss suffered by investors as a result of the unfair retroactive discriminatory change in Czech legislation,” spokesman Frank Schulte said in a statement posted on the association’s website.
In an effort to curb a sudden surge in solar plant installations that threatened to raise electricity prices, Czech lawmakers passed a new law in 2010 imposing a retroactive tax on solar plants hooked to the grid in 2009 and 2010. The law also raised fees for plants built on agricultural land and slapped a 32 percent levy on carbon credits awarded to the companies, which reward environment-friendly technologies.
“The Czech government doesn’t take into account considerable sums that our members invested in good faith and in accordance with Czech laws,” Schulte said.
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