Spanish Court Orders Escal to Repay €209.7 Million for Castor Project

✦ Meridian Analysis

Spain's Supreme Court has ordered Escal to return €209.7 million regarding the Castor marine gas storage project. The National Markets and Competition Commission had claimed this amount from the project's promoter, an entity partly owned by ACS. This decision follows a prior ruling by the Constitutional Court. The details of the repayment mechanics, the specific financing structures underpinning the project, and any potential recourse for the promoter have not been disclosed. Acciona Energía sold 15 wind farms in Spain to Galp for €432 million. A report noted the transaction at €420 million. What remains unannounced is the exact timetable for the repayment to be executed by Escal, whether ACS will absorb any portion of the liability through its partial ownership, and if further legal challenges will be brought before lower courts. Broader market implications for other Spanish gas or storage assets have not been detailed.

The Meridian Weekly