December 27 (Renewables Now) - Athena Investments A/S (CPH:ATHENA), the firm operating renewable energy plants in Italy and Spain, on Monday announced an award of EUR 7.4 million (USD 8.4m) in an arbitration procedure against Italy related to changes in the country’s renewable energy legal framework.
The company launched the arbitration procedure against Italy under the Energy Charter Treaty (ECT) in July 2015, because regulatory changes in the country affected the value of its solar investments and infringed article 10 of the ECT. At the time, Athena had 31 MW of solar photovoltaic (PV) parks in Italy.
The final award for this arbitration covers damages, the cost of the arbitration procedure and half of other arbitration-related expenses. The roughly EUR 7.4 million from the award will be accounted for as special items.
Athena in November announced that it had also been successful in an arbitration procedure under the ECT against Spain, again related to changes in the renewable energy legal framework. The award in that case was of about EUR 11 million.
(EUR 1 = USD 1.14)