Aena let off hook in NextEra claim

A London High Court dismissed charges against Aena and unfroze its Luton Airport assets.

The Spanish state owns 51 per cent of Aena, the world’s largest airport operator, which in turn owns 51 per cent of Luton airport.

NextEra Energy, a US wind and solar power company, is one of several that took legal action against Spain after the government slashed renewable power subsidiaries in 2013.

Subsidiaries NextEra Energy Global Holdings and NextEra Energy Spain Holdings claimed that they had committed to constructing two solar plants in Extremadura and spent around €750 million before Spain altered the regulatory framework.  This affected the project’s profitability, leading to the liquidation of NextEra Energy Spain.

The company sought €291 million in compensation, asking the UK courts to enforce the order issued by the International Centre for Settlement of Investment Disputes (ICSID), the World Bank’s arbitration court, affecting 26.1 per cent of Aena’s holding.