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Investment treaty awardVacated, review pending

Novenergia and Foresight v. Spain (SCC awards)

Cuts to solar incentives

Headline amount
€92.3M≈$103.3M · Principal
Respondent
SpainState
Awarded
Feb 15, 2018Second award November 14, 2018
Status
Vacated, review pendingSet aside or vacated, further review pending

Latest development Sep 28, 2026

The D.D.C. upheld its jurisdiction despite the Swedish annulments.

The award

Amount awarded
€53.3M and €39M
Award holder
Novenergia II (SCA), Foresight Luxembourg Solar 1 and others
Respondent
Kingdom of Spain
Forum
SCC · ECT · seat Stockholm

Challenges

Both awards were set aside at the seat (Svea Court of Appeal, December 2022 and June 2024). The Swedish Supreme Court refused review in 2023.

Enforcement

United States: on September 28, 2026, the D.D.C. (18-cv-1148) upheld its jurisdiction and held the Swedish annulments not binding. Spain’s merits defenses remain.

Recovered to date

None

Notes

Set aside at the seat. Two awards combined.