EU opens probe into Bulgaria compensation award to foreign investor

The European Commission has launched an in-depth investigation to assess whether a €61 million ($71.6 million) arbitration award in favor of Malta-based ACF Renewable Energy is compatible with EU State aid rules.The European Commission said it will investigate an arbitration award ordering Bulgaria to pay €61.04 million plus interest to ACF Renewable Energy Ltd., which invested in a Bulgarian solar plant under a 2011 renewable energy support scheme. Bulgaria modified the scheme in 2013 and 2014, prompting ACF to pursue arbitration. The arbitral tribunal found Bulgaria breached the Energy Charter ...

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