New British blow to Spain regarding renewable energy sources with ban

The High Court of Justice in England and Wales has temporarily stayed the order 800 thousand euros from four bank accounts held by Spain in the United Kingdom Through the Renewable Energy Prize, which is managed by Banco Santander, according to sources familiar with the process.

The events date back to 2013, and the judicial decision was issued on November 9, in response to the investment group’s request. Plaskett Renewable Investments. Specifically, the World Bank’s International Center for Settlement of Investment Disputes (ICSID) recognized the group’s right to 28.2 million euros in compensation for the electrical reform in Spain carried out in 2013.

This is the second judicial victory in just one month for Plaskett, as he also recently obtained a precautionary seizure of two properties belonging to the Spanish state and located in the United Kingdom, such as the headquarters of a company. Cervantes Institute in London The headquarters of the Economic Promotion Authority of Catalonia.

The Spanish government has already been notified of the ban and has Seven-day period to guarantee a deposit of €800,000 In the four accounts he has in the United Kingdom linked to the Cervantes Institute.

The decision of the British judicial system is not yet final, since Spain You have two months to appeal the court’s decision and request that it be modified or annulled.

Infrared case

The asset seizure process promoted in connection with the IR case began last April. With provisional reservation on two properties: The headquarters of the Cervantes Institute are in London and the headquarters of Catalonia’s economic promotion body, ACCIÓ.

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In parallel, those affected by the Spanish government’s non-payment activated a process known as TPDO or Third Party Debt Order through which they demanded intervention in four accounts. The bank is linked to the operations of the Cervantes Institute in Great Britain.

A team of lawyers and consultants specialized in this type of procedure has begun working on this process.Or link it to the IR state at the beginning of 2023. Measures taken between April and November have now brought this confiscation to light. The decision has already been duly communicated and notified to the Government of Spain.

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