{"id":2388,"date":"2018-06-29T08:07:37","date_gmt":"2018-06-29T08:07:37","guid":{"rendered":"https:\/\/vila.es\/en\/?p=2388"},"modified":"2020-11-12T17:30:39","modified_gmt":"2020-11-12T17:30:39","slug":"new-judgment-spain-cuts-renewables-masdar-antin-cases","status":"publish","type":"post","link":"https:\/\/vila.es\/en\/litigation-and-arbitration\/new-judgment-spain-cuts-renewables-masdar-antin-cases\/","title":{"rendered":"NEW JUDGMENT AGAINST SPAIN BECAUSE OF CUTS TO RENEWABLES IN THE MASDAR AND ANTIN CASES"},"content":{"rendered":"<p style=\"text-align: justify;\">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),\u00a0 attached to the World Bank, regarding the cuts applied to the\u00a0 incentive system for the generation of electric energy via renewable energy in 2013:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><em>Masdar v. Espa\u00f1a<\/em><\/strong> Case (ICSID n\u00ba ARB\/14\/1), followed at the request of Masdar Solar &amp; Wind Cooperatief U.A. against the Kingdom of Spain.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The arbitration ruling dated 16<sup>th<\/sup> 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 20<sup>th<\/sup> June 2014 until the date of the ruling (0,906% per annum), and\u00a0 1,60% per annum from the date of the ruling until the effective date of payment.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><em>Antin v. Espa\u00f1a<\/em><\/strong> Case (ICSID n\u00ba ARB\/13\/31), followed at the request of Antin Infrastructure Services Luxembourg S.\u00e0.r.l. y Antin Energia Termosolar B.V. against the Kingdom of Spain.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The arbitration ruling issued on 15<sup>th<\/sup> June 2018 by the Arbitration Tribunal formed by Mr. Eduardo Zuleta, Mr. Francisco Orrego Vicu\u00f1a and Mr. J. Christopher Thomas, sentences the Kingdom of Spain to pay Euro 112 million (of the\u00a0 Euro 218 million which were initially\u00a0 claimed) to the claimant, plus compound interest of 2.07%.<\/p>\n<p style=\"text-align: justify;\">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 4<sup>th<\/sup> May 2017 in the\u00a0 <strong><em>Eiser v. Espa\u00f1a <\/em><\/strong>case (ICSID n\u00ba ARB\/13\/36) in which the arbitration tribunal formed by Professor John R. Crook, Dr.\u00a0 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<span style=\"color: #3366ff;\"> <a style=\"color: #3366ff;\" href=\"https:\/\/vila.es\/en\/uncategorized\/eiser-case-investors-leagal-secuirity-investors-vs-legislative-sovereignty\/\">our article dated 19<sup>th<\/sup> May 2017<\/a><\/span>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Carla Villavicencio<\/p>\n<p style=\"text-align: justify;\">Vil\u00e1 Abogados<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">For more information, please contact:<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\">va@vila.es<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">29<sup><span lang=\"EN-US\">th\u00a0<\/span><\/sup>June 2018<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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),\u00a0 attached to the World Bank, regarding the cuts applied to the\u00a0 incentive system for the generation of electric energy via renewable energy in  [&#8230;]<\/p>\n","protected":false},"author":4,"featured_media":4746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77,78],"tags":[],"class_list":["post-2388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-european-union","category-litigation-and-arbitration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NEW JUDGMENT AGAINST SPAIN BECAUSE OF CUTS TO RENEWABLES IN THE MASDAR AND ANTIN CASES<\/title>\n<meta name=\"robots\" content=\"index, follow, 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