OperaFund Eco-Invest SICAV PLC and Schwab Holding v. Spain, ICSID Case No. ARB/15/36

  • >Claimant : OperaFund Eco-Invest SICAV PLC, Schwab Holding
  • >Nationality : Malta, Switzerland
  • >Respondent : Spain
  • >Procedural rules applied : ICSID
  • >Chair : Karl-Heinz Böckstiegel
  • >Arbitrator appointed by Claimant : August Reinisch
  • >Arbitrator appointed by Respondent : Philippe Sands
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (6)
  • , Article 26 (8)
  • , Article 21 (7)
  • , Article 21 (3)
  • , Article 16 (2)
  • , Article 10 (8)
  • , Article 10 (7)
  • , Article 10 (3)
  • , Article 10 (1)
  • , Article 1 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (10)
  • , Article 1
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • , Article 40
  • , 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

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 42 million 
  • >Amount awarded: USD 29.3 million
  • >Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • >Costs of arbitration: USD 1,042,994.37
  • >Award legal costs: Claimants were awarded USD 2,206,586.56 (75% of legal costs) 
  • >Award costs of arbitration: Respondent bears 75% of the costs

 

ARBITRAL DECISIONS

RECTIFICATION PROCEEDINS

28 October 2019 - Decision on the Rectification of the Award

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