Foresight Luxembourg Solar 1 S.à.r.l. and others v. Spain, SCC Case No. 2015/150

  • >Claimant : Foresight Luxembourg Solar 1 S.à.r.l., Foresight Luxembourg Solar 2 S.à.r.l., Greentech Energy System A/S, GWM Renewable Energy l S.P.A., GWM Renewable Energy ll S.P.A.
  • >Nationality : Luxembourg, Luxembourg, Denmark, Italy, Italy
  • >Respondent : Spain
  • >Procedural rules applied : SCC
  • >Chair : Michael Moser
  • >Arbitrator appointed by Claimant : Klaus Sachs
  • >Arbitrator appointed by Respondent : Raul Emilio Vinuesa
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (6)
  • , Article 21 (5)
  • , Article 21 (1)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (10)
  • , Article 2
  • , Article 13
  • , Article 16
  • , Article 25
  • >Breaches alleged :  
  • >Breaches found :(10.1) Fair and equitable treatment
  • >Case status : Award rendered
  • >Year of the award or agreement : 2018
  • >Follow-on proceedings : Pending national court decision on annulment
  • >Year of registration : 2015

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 50 million
  • >Amount awarded: EUR 39 million
  • >Valuation method: hybrid approach (income-based approach (discounted cash flow) for the "but-for" scenario + market-based approach (completed or imminent arm's length transactions) for the "actual" scenario)  
  • > Interest rate: host State's sovereign bonds (5-year) for pre-award; claimants' cost of borrowing for post-award    
  • >Costs of arbitration: EUR 404,953.21 + USD 18,359.83
  • >Award legal costs: Claimants were awarded EUR 3,900,374.73 + USD 2,9997,596.33 (including full costs of arbitration) 
  • >Award costs of arbitration: Costs follow the award

 

ARBITRAL DECISION

ENFORCEMENT PROCEEDINGS (United States)


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