Solar power producers start arbitrage with Romania at ICSID

Several foreign developers of photovoltaic parks in Romania have filed a request at the International Centre for Settlement of Investment Disputes (ICSID) in Washington for an arbitrage with the Romanian state. They accuse Romania of breaking the Energy Charter Treaty by cutting the subsidies for the renewable energy sector, which are granted as green certificates paid for by the consumers, local Profit.ro reported. The companies that filed the request are LSG Building Solutions GmbH (Austrian), Pressburg UK GmbH (German), Green Source Consulting GmbH (Austrian), Solluce Romania 1 B.V. (Dutch), Risen Energy Solar Project GmbH (German), Core Value Investments GmbH & Co KG Gamma (German), Core Value Capital GmbH (Austrian), SC LJG Green Source Energy Beta SRL (Romanian), Anina Pro Invest Ltd (Cypriot), Giust Ltd (Cypriot). These either own operational solar parks in Romania or have been involved in projects to develop such parks that have been abandoned due to the changes in the support scheme. Solluce Romania 1, which is controlled by South Korean group Samsung, together with LSG Green Source Energy Beta and LSG Building Solutions, have been involved in developing a 45 MW solar park in Giurgiu county which is now operational. The firms are represented by American law firm King & Spalding. The claimants haven’t yet asked for compensations and an amicable settlement is theoretically still possible . Solar parks in Romania may get more green certificates starting 2021 editor@romania-insider.com