Spain cannot claim state immunity in UK renewable energy incentives dispute

Spain cannot claim state immunity in a dispute over renewable energy incentives, as ruled by the UK Supreme Court. The court upheld a multimillion-euro award to Infrastructure Services Luxembourg and Energia Termosolar, who had invested in Spain's renewable energy sector. Spain's argument for sovereign immunity was rejected, affirming that it agreed to the jurisdiction of English courts under the ICSID Convention. The award, originally 101 million euros, has grown to approximately 120 million euros with interest. The ruling also noted that states can still claim immunity regarding the execution of arbitration awards against state property.