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Just recently two of the twenty-seven international arbitration proceedings have concluded, which were initiated by foreign investors against the Kingdom of Spain via the International Centre for Settlement of Investment Disputes (ICSID),  attached to the World Bank, regarding the cuts applied to the  incentive system for the generation of electric energy via renewable energy in 2013:

  • Masdar v. España Case (ICSID nº ARB/14/1), followed at the request of Masdar Solar & Wind Cooperatief U.A. against the Kingdom of Spain.

The arbitration ruling dated 16th May 2018, issued by the Arbitration Tribunal formed by Mr. John Beechey, Mr. Gary Born and Professor Brigitte Stern, sentences the Kingdom of Spain to pay the claimant Euro 64.5 million in damages (although Euro 165 million were initially claimed), as well as the interest applicable to said amount as from 20th June 2014 until the date of the ruling (0,906% per annum), and  1,60% per annum from the date of the ruling until the effective date of payment.

  • Antin v. España Case (ICSID nº ARB/13/31), followed at the request of Antin Infrastructure Services Luxembourg S.à.r.l. y Antin Energia Termosolar B.V. against the Kingdom of Spain.

The arbitration ruling issued on 15th June 2018 by the Arbitration Tribunal formed by Mr. Eduardo Zuleta, Mr. Francisco Orrego Vicuña and Mr. J. Christopher Thomas, sentences the Kingdom of Spain to pay Euro 112 million (of the  Euro 218 million which were initially  claimed) to the claimant, plus compound interest of 2.07%.

Although we are not yet able to access the most recent of the two rulings, it can be confirmed that both of them follow in the wake of the first ruling delivered on 4th May 2017 in the  Eiser v. España case (ICSID nº ARB/13/36) in which the arbitration tribunal formed by Professor John R. Crook, Dr.  Stanimir A. Alexandrov and Professor Campbell McLachlan QC sentenced the Kingdom of Spain to pay Euro 128 million of the Euro 298 million initially claimed, and which was the subject of our article dated 19th May 2017. [https://vila.es/en/blog/eiser-case-investors-leagal-secuirity-investors-vs-legislative-sovereignty/]

For more information, please contact:

Carla Villavicencio

va@vila.es

29 June 2018

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