The PV Investors v. Spain, PCA Case No. 2012-14

  • >Claimant : Mercurio Solar S.à.r.l.; Tyche Solar S.à.r.l.; Ampere Equity Fund B.V.; Element Power Holdings B.V.; MEIF Luxembourg Renewables S.à.r.l.; Impax Solar Investment S.à.r.l.; Impax New Energy Investors S.C.A.; WOC Photovoltaik Portfolio GmbH &Co. KG; NIBC European Infrastructure Fund I C.V.; Equitix Innova Infrastructure Investments Holding I B.V.; Alesund, Christiansund S.à.r.l. & Cie S.C.A.; Shulaya, Trier SG S.à.r.l. & Cie S.C.A.; ASE C.V.; AES Solar Energy Coöperatief U.A.; Silver Ridge Power Holdings B.V.; Silver Ridge Power B.V.; Vela Energy Power España I B.V.; Vela Energy Power España II B.V.; Eoxis B.V.; Eoxis Holding S.A.; MPC Solarpark GmbH & Co. KG; Ceconat Energy GmbH; REI Renewable Energy International, S.à.r.l.; Roland Schumann; InfraClass Energie 4 GmbH & Co. KG; ESPF Beteiligungs GmbH; 60 La Solana S.L. entities numbered 1-60; AES Solar España Finance S.L.; AES Solar España I B.V. y CIA S.C.
  • >Nationality : Luxembourg, Netherlands, Germany, Spain
  • >Respondent : Spain
  • >Procedural rules applied : UNCITRAL (PCA)
  • >Chair : Gabrielle Kaufmann-Kohler
  • >Arbitrator appointed by Claimant : Charles Brower
  • >Arbitrator appointed by Respondent : Bernardo Sepúlveda-Amor
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 26 (8)
  • , Article 13 (1)
  • , Article 10 (7)
  • , Article 10 (4)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (10)
  • , Article 2
  • , Article 10
  • , Article 12
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 22
  • , Article 26
  • , Article 27
  • >Breaches alleged :  
  • >Breaches found :(10.1) Fair and equitable treatment
  • >Case status : Award rendered but investors renounced their right to collect damages
  • >Year of the award or agreement : 2020
  • >Year of registration : 2011

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 1.16 billion
  • >Amount awarded: EUR 91.1 million
  • >Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • >Costs of arbitration: EUR 442,152.22 (jurisdiction) and EUR 2,467,847.78 (pre-jurisdiction and merits)  
  • >Award legal costs: Each party shall bear its own legal costs
  • >Award costs of arbitration: Parties share costs equally 

 

ARBITRAL DECISIONS


Back