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; La Solana 1-60 S.L. (60 entities); 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 :
- (10.1) Fair and equitable treatment
> Breaches alleged :
- (10.1) Unreasonable or discriminatory measures
> Breaches alleged :
- (10.1) Stable, equitable, favourable and transparent conditions
> Breaches alleged :
- (10.1) Most constant protection and security
>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 bears its own legal costs
>Award costs of arbitration: Parties share costs equally