9REN Holding S.à.r.l. v. Spain, ICSID Case No. ARB/15/15

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 52.2 million
  • >Amount awarded: EUR 41.76 million
  • >Valuation method: income-based approach (discounted cash flow) for the investment the claimants continued to own + hybrid approach for the investments the claimants sold (income-based approach (discounted cash flow) for the "but-for" scenario + market-based approach (completed arm's length transaction) for the "actual" scenario)  
  • >Interest rate: host State's sovereign bonds (5-year)
  • >Costs of arbitration: USD 599,816.33
  • >Award legal costs: Claimant was awarded USD 4,814,570 and EUR 562,458 (80% of legal costs)
  • >Award costs of arbitration: Costs follow the award



31 May 2019 

Award - English | Spanish


6 December 2019 - Decision on the Rectification of the Award