Infracapital F1 and Infracapital Solar companies filed a request for investment ar000bitration against Spain before the International Centre for the Settlement of Investment Disputes (ICSID) on 29 June and were awarded 24.9 million Euros. Translation provided by JIGGSLAW®.
In the last seven years, this arbitration has been impacted by a variety of factors, including the resignation of its first presiding arbitrator, José Emilio Nunes Pinto, who was replaced by Eduardo Siqueiros
The tribunal was completed by Peter.D Cameron, a British arbitrator appointed by the claimants,, and Luis González García, a Mexican arbitrator appointed by Spain.
In February 2022, the tribunal rejected Spain´s request to reconsider a previous decision, over its competence, responsibility, and guidelines concerning the amount, based on the European Union Justice Tribunal’s decision in the Republic of Moldavia v Komstroy LLC case, which relates to the opposition to using the Energy Charter Treaty (ECT) to claim against states within the European Union.
The arbitration
On 29 June 2016, the Luxembourgish companies Infracapital S1 and the Dutch Infracapital Solar, both controlled by the British fund Infracapital, filed a request for arbitration against Spain before the ICSID invoking the ECT.
The Government Legal Department represented Spain, while Gibson, Dunn & Crutcher (London) and Allen & Overy (Madrid) represented Infracapital.
Arbitrations related to changes made in the retributions of the renewable energy operation system in Spain between 2010 and 2014 have made the country one of the most sued countries in the world in terms of investment arbitration, and the second country, after Venezuela, with the most non-complied awards.
Sponsored by:
