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Cube Infrastructure Fund SICAV and others v. Spain, ICSID Case No. ARB/15/20

  • >Claimant : Cube Energy S.C.A.; Cube Infrastructure Fund SICAV; Cube Infrastructure Managers S.A.; Demeter 2 FPCI; Demeter Partners S.A.
  • >Nationality : Luxembourg, Luxembourg, Luxembourg, France, France
  • >Respondent : Spain
  • >Procedural rules applied : ICSID
  • >Chair : Vaughan Lowe
  • >Arbitrator appointed by Claimant : James Spigelman
  • >Arbitrator appointed by Respondent : Christian Tomuschat
  • >Invoked instruments : ECT
  • >Articles mentioned : Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 21 (7)
  • , Article 16 (2)
  • , Article 10 (7)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (3)
  • , Article 1 (5)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (8)
  • , Article 1 (10)
  • , Article 10
  • , Article 13
  • , Article 16
  • , 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 : 2019
  • >Follow-on proceedings : Pending ICSID annulment proceedings
  • >Year of registration : 2015
  • >Year : 2015

  • >Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • >Amount claimed: EUR 74.1 million
  • >Amount awarded: EUR 33.7 million
  • >Valuation method: income-based approach (discounted cash flow)
  • >Interest rate: EURIBOR (6-month)
  • >Costs of arbitration: USD 764,114.02
  • >Award legal costs: Claimants were awarded EUR 1,545,501.8 (50% of legal costs)
  • >Award costs of arbitration: Respondent bears 75% of the costs

 

ARBITRAL DECISIONS 

19 February 2019 

Decision on Jurisdiction, Liability and Partial Decision on Quantum 

19 February 2019 

Separate and Partial Dissenting Opinion of Professor Christian Tomuschat

26 June 2019 

Award


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