Watkins Holdings S.à.r.l. and others v. Spain, ICSID Case No. ARB/15/44

  • >Claimant : Northsea Spain S.L.; Parque Eólico La Boga, S.L.; Parque Eólico Marmellar, S.L.; Redpier, S.L.; Watkins (Ned) B.V.; Watkins Holdings S.à.r.l.; Watkins Spain, S.L.
  • >Nationality : Spain, Spain, Spain, Spain, Netherlands, Luxembourg, Spain
  • >Respondent : Spain
  • >Procedural rules applied : ICSID
  • >Chair : Cecil Abraham
  • >Arbitrator appointed by Claimant : Michael Pryles
  • >Arbitrator appointed by Respondent : Hélène Ruiz Fabri
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (3)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 21 (7)
  • , Article 21 (1)
  • , Article 13 (1)
  • , Article 10 (9)
  • , Article 10 (8)
  • , Article 10 (1)
  • , Article 9 (4)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (10)
  • , Article 2
  • , Article 9
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 24
  • , 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 : 2020
  • >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 123.9 million
  • >Amount awarded: EUR 77 million
  • >Valuation method: income-based approach (discounted cash flow) 
  • >Interest rate: host State's sovereign bonds (10-year for pre-award; 10-year + 1% for post-award)
  • >Costs of arbitration: USD 680,255.62
  • >Award legal costs: Claimants were awarded 75% of the legal costs
  • >Award costs of arbitration: Respondent bears its own share of costs of arbitration and 75% of the claimants' share

 

ARBITRAL DECISIONS

RECTIFICATION PROCEEDINGS


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