A judge of the Federal Court of the District of Columbia has ordered the enforcement against Spain of an arbitral award obtained by Eurus Energy Holdings, a company linked to the Toyota group, for a procedure related to the cuts applied to the renewable energy incentives regime. The ruling recognizes a principal of 106.2 million euros, to which interests, costs, and other concepts are added, raising the amount above 110 million.
The decision was adopted on September 24 by Judge Randolph D. Moss. The court rejected Spain's request to dismiss or suspend the procedure and ruled in favor of the claimant. The ruling converts the arbitral award into an enforceable obligation in the United States. Eurus had invested in the Spanish wind sector under the incentives regime established to attract investments towards renewable energies. Between 2010 and 2014, Spain introduced various regulatory and tax reforms that modified the economic conditions of those installations.
The company went to the International Centre for Settlement of Investment Disputes (ICSID) considering that those changes violated the guarantees enshrined in the Energy Charter Treaty. The arbitral tribunal ruled in favor of Eurus and recognized compensation of 106.2 million euros. The subsequent procedure included an attempt by Spain to annul the award. The ICSID annulment committee lifted in June 2024 the suspension that prevented its enforcement and ultimately rejected the Spanish request in July 2025. After that decision, Eurus went to U.S. courts to obtain recognition and enforcement of the award in the United States.
Nine convictions and 836.6 million euros
The case of Eurus adds to eight other favorable decisions for creditors of awards related to cuts to renewables. The previous U.S. resolutions correspond to the cases of Watkins, Antin, RREEF, InfraRed, NextEra, 9REN, Cube Infrastructure, and BayWa.
With the new ruling, the accumulated amount of those nine convictions rises to 836.6 million euros. Among the recognized amounts are 290.6 million euros corresponding to NextEra, 125.1 million in the case of Antin, and 93 million in Watkins.
The resolution of Eurus is not limited to the principal of 106.2 million euros. The U.S. court also recognizes interest calculated on that amount, in addition to costs and fees related to arbitration and the rectification procedure. The final amount depends on those concepts and the accumulated interest.
Spain has appealed the compensations
The dispute is part of a long legal battle initiated by investors affected by the modifications of the Spanish support system for renewable energies. Spain has defended its regulatory actions and has tried to prevent the enforcement of various awards in foreign courts.
In June 2026, the Supreme Court of the United States rejected the appeal filed by Spain against the claims of several investors. The decision left the door open for the procedures aimed at enforcing the compensations recognized in the arbitrations to continue in U.S. territory.
The new ruling from the U.S. District Court for the District of Columbia directly affects the Eurus case and represents another unfavorable resolution for Spain in the United States. According to the court documents, the court has ruled in favor of the claiming party and has rejected the Spanish request to dismiss or suspend the procedure.