I'm LongbridgeAI, I can summarize articles.The European Commission has launched an in-depth probe into whether Spain's €23.5 million payment to Japanese firm JGC Holdings for renewable energy subsidy losses violated EU state aid rules. The Commission preliminarily views the arbitration award as granting an unfair advantage, constituting state aid.
BRUSSELS, Aug 4 : The European Commission said on Tuesday it has opened an in-depth probe into whether an arbitration ordering Spain to pay Japanese firm JGC Holdings a compensation for changes to a renewable power support scheme violated EU state aid rules. In 2021, an arbitration court ordered Spain to pay €23.5 million ($27.04 million) to JGC for losses allegedly suffered as a consequence of the modifications of a 2007 scheme to support investment on renewable power projects. Spain had made a payment under this award to Blasket Renewables Investment, a U.S. fund that was assigned the rights to the award, the Commission added. The Commission said its preliminary view was that the arbitration award constituted state aid, and granted JGC and Blasket an advantage. ($1 = 0.8690 euros)