US court orders Spain to pay an additional 44 million euros for non-payments to solar investors

La District Court of Columbia (USA) On Monday, the arbitration award that obliges Spain to pay was ratified. 44 million euros to the Luxembourg company 9Ren Holding, in relation to investments in solar plants affected by retroactive cuts to renewable energy premiums.

The decision implies the seventh consecutive conviction by the US justice system against the Spanish StateThis ruling reinforces an adverse trend in the international judicial arena. With this decision, the total number of arbitral awards recognized by U.S. courts now amounts to 688,4 millones de eurosWhile Total debt with 27 companies in the renewable energy sector reaches 1.754,7 millionIf included late payment interest and legal coststhe overall figure exceeds 2.179 millones de euros.

The 9Ren case thus joins a growing list of lawsuits stemming from the retroactive elimination of clean energy incentives between 2010 and 2014. That reform, promoted by the governments of José Luis Rodríguez Zapatero and Mariano Rajoydrastically altered the remuneration framework that had attracted international investors during the so-called Spanish "solar bubble".

The 9Ren case: from Luxembourg to Washington

9Ren HoldingLuxembourg-based, had invested 211 millones de euros in eight photovoltaic solar power plants in Spain before the elimination of the subsidies that supported the profitability of the model. In 2015, the company filed a lawsuit before the International Centre for Settlement of Investment Disputes (ICSID), organism of the World Bankinvoking the protections of Energy Charter Treaty (ECT).

El award in favor of 9Ren aired on May of 2019 by 40 millones de eurosalthough the final figure increased to 44 million by including interest and court costsAfter years of litigation, the ratification by the US justice system gives the company the possibility of execute the collection in North American territory, through the seizure of Spanish state assets if necessary.

This is not 9Ren's first victory in foreign courts: in August de 2025’s most emblematic landmarks, the Federal Court of Australia ordered the recognition of four awards for a total value of 469 millones de eurosopening a second international route of execution.

A cascade of international condemnations

The 9Ren ruling adds to a long series of legal defeats for Spain in international courts. The awards already confirmed in the US include those of Cube Infrastructure (40,2 million), Watkins (79,5 million), Infrastructure Services/Antin (125,1 million), RREEF (74 million), InfraRed (35 million) y NextEra (290,6 million).

Taken together, these cases illustrate the deep conflict between the Spanish state and foreign investors, who accuse Spain of violate the principle of regulatory stability guaranteed by the Energy Charter Treaty.

The retroactive elimination of incentives for renewable energy, initiated in 2010 to contain the electricity tariff deficitThis generated an unprecedented wave of arbitrations. Many of the affected funds—originating from Luxembourg, Germany, Australia or the United States— they allege that Spain unilaterally changed the conditions under which they made multimillion-dollar investments in the photovoltaic and wind energy sector.

A conflict between the EU and international law

El Spanish government has reiterated his refusal to pay compensationarguing that the ICSID awards contravene European Community lawwhich prohibits arbitration between Member States under the EC Treaty. This position is based on the case law of the Court of Justice of the European Union (CJEU), which declared said treaty incompatible with the EU legal framework in the famous Achmea case (2018).

However, US courts have opted to to support the ICSID awards, considering that Spain voluntarily accepted its jurisdiction by adhering to the treaty. This has generated a complex diplomatic and legal standoff between Brussels and Washington, with implications for the execution of future judgments.

The affected companies are asking the Spanish government for a negotiated agreement that puts an end to the “growing litigation” and prevents the seizure of public assets abroad, such as diplomatic offices, financial reserves, or cultural assets.Spain needs to restore its credibility as an investment destination and resolve these disputes before they become a diplomatic and reputational burden.“,” warned a spokesperson for one of the plaintiff funds.

A legal dead end with economic consequences

With 27 arbitrations in progress and over 2.000 billion in accumulated judgmentsSpain has become the most sued country in the world under the Energy Charter TreatyThe persistence of the conflict has caused concern among international investors, who are demanding legal certainty to maintain their commitment to the energy transition.

Meanwhile, the Ministry for Ecological Transition maintains that The current compensation system guarantees reasonable returns. and that “there are no grounds for additional compensation.” However, repeated rulings against him have led to several international law firms to explore the possibility of confiscate Spanish assets in the United States, Australia and the United Kingdom.

The 9Ren case thus symbolizes a paradox of the Spanish energy transition: the attempt to correct the excesses of the past has ended up generating a million-dollar legal billwhose resolution could define the future of the renewable energy sector and Spain's international reputation as a safe country to invest in.