Cube Infrastructure Fund SICAV and others v. Spain, ICSID Case No. ARB/15/20

  • >Claimant : Cube Energy S.C.A.; Cube Infrastructure Fund SICAV; Cube Infrastructure Managers S.A.; Demeter 2 FPCI; Demeter Partners S.A.
  • >Nationality : Luxembourg, Luxembourg, Luxembourg, France, France
  • >Respondent : Spain
  • >Procedural rules applied : ICSID
  • >Chair : Vaughan Lowe
  • >Arbitrator appointed by Claimant : James Spigelman
  • >Arbitrator appointed by Respondent : Christian Tomuschat
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 21 (1)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 21 (7)
  • , Article 16 (2)
  • , Article 10 (7)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (3)
  • , Article 1 (5)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (8)
  • , Article 1 (10)
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 25
  • , Article 26
  • , Article 46
  • >Breaches alleged :  
  • >Breaches found :(10.1) Fair and equitable treatment
  • >Case status : Award rendered
  • >Year of the award or agreement : 2019
  • >Follow-on proceedings : Pending ICSID annulment proceedings
  • >Year of registration : 2015
  • >Year : 2015

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 74.1 million
  • >Amount awarded: EUR 33.7 million
  • >Valuation method: income-based approach (discounted cash flow)
  • >Interest rate: EURIBOR (6-month)
  • >Costs of arbitration: USD 764,114.02
  • >Award legal costs: Claimants were awarded EUR 1,545,501.8 (50% of legal costs)
  • >Award costs of arbitration: Respondent bears its own share of costs of arbitration and 50% of the claimants' share

 

ARBITRAL DECISIONS 


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