IPVIC: Solar arbitration commencing today
Prague, May 9, 2013 – Eight international investors associated in International PhotoVoltaic Investors Club (IPVIC) filed a notice of arbitration against the Czech Republic today. IPVIC members claim indemnification of severe financial damages caused to its members by the introduction of retroactive and discriminatory measures, such as a solar levy of 26% on the revenues of solar installations. An incentive regime and several tax provisions were originally introduced by the Czech government to raise the percentage of renewable energy in the Czech Republic and, therefore, to lure foreign capital to be invested inter alia in photovoltaic projects in the country.
“The Czech government left us with no other option,” said Frank Schulte, IPVIC’s General Secretary. “Despite our efforts in the past one year we could not come to an amicable solution. Considering the severe damages to date and the threats of further discriminatory and retroactive steps against our industry that the Czech government is contemplating, we are forced to protect our investments in an international arbitration,” Schulte continued. The arbitration claim is based on specific stipulations in bilateral treaties on the promotion and protection of investments and the Energy Charter Treaty.
About IPVIC
International PhotoVoltaic Investors Club (IPVIC) is an association of international investors in photovoltaic energy. The membership consists among others from German companies Voltaic Network GmbH, ANTARIS Solar GmbH and Photovoltaik Knopf Betriebs-GmbH, Luxembourg-based company Radiance Energy Holding, Netherlands-based NATLAND Investment Group N.V. and I.C.W. Europe Investments Ltd. from the UK. For more information on IPVIC and its positions please visit www.ipvic.net.
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