The Belgian justice system has ordered the seizure of €482.4 million linked to Eurocontrol payments destined for Enaire, the Spanish state-owned air navigation service provider. This measure serves as a mechanism to guarantee the collection of outstanding compensation owed to investors affected by retroactive cuts to renewable energy subsidies.
The move follows legal actions taken by OperaFund, a fund that obtained a favorable ruling in 2019 from ICSID (the World Bank’s arbitration tribunal). The case is based on the Energy Charter Treaty, which Spain breached by retroactively slashing renewable energy premiums.
Despite a final and binding award, the Spanish Government has failed to pay the €29.3 million recognized in the ruling, a figure supplemented by €7.5 million in interest. In light of this refusal, creditors have turned to various jurisdictions to secure payment through alternative legal avenues.
In July 2025, the Japanese firm Eurus Energy—a subsidiary of the Toyota Group—also obtained an attachment order in Belgium for over 207 million, after proving a debt of 106.2 million plus an additional 9.4 million in interest.
As of December 2025, the 27 affected investors have accumulated 1,754.7 million in outstanding payments, plus 297.6 million in late payment interest and another 238.7 million in legal costs and fees. In total, the bill now amounts to 2,292 million. Furthermore, legal victories are occurring in quick succession across the United States, the United Kingdom, Australia, and Belgium
