NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. v Kingdom of Spain (ICSID Case No. ARB/14/11)

Procedural record

1. 31 May 2019Arbitration

   31 May 2019Arbitration

   Arbitral Award in ICSID Case No. ARB/14/11 dated 31 May 2019

   International Centre for Settlement of Investment Disputes (ICSID)

   Decision summary

   The tribunal made an award in favour of NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. against the Kingdom of Spain, rejecting Spain's objection that Article 26 of the Energy Charter Treaty did not permit intra-EU arbitration.

   Participants

   NextEra Energy Global Holdings B.V.

   NextEra Energy Spain Holdings B.V.

   Kingdom of Spain

   International Centre for Settlement of Investment Disputes (ICSID)

   Authorities cited

   3

   • Energy Charter Treaty, Article 26
     treaty
   • Vienna Convention on the Law of Treaties (1969), Articles 30 and 41
     treaty
   • Treaty on the Functioning of the European Union, Articles 267 and 344
     treaty

   2 years, 9 months and 15 days later · 1022 days

2. 18 March 2022Arbitration

   18 March 2022Arbitration

   Decision on Annulment in ICSID Case No. ARB/14/11 dated 18 March 2022

   International Centre for Settlement of Investment Disputes (ICSID)

   Decision summary

   The ad hoc annulment committee rejected Spain's application to annul the award, including its intra-EU jurisdictional objection. The award remained binding on Spain.

   Participants

   Kingdom of Spain

   NextEra Energy Global Holdings B.V.

   NextEra Energy Spain Holdings B.V.

   International Centre for Settlement of Investment Disputes (ICSID)

   Authorities cited

   1

   • Energy Charter Treaty, Article 26
     treaty

   3 years, 11 months and 6 days later · 1439 days

3. 24 February 2026Singapore

   24 February 2026Singapore

   Judgment of the General Division of the High Court in the case HC/OA 1283/2023 (HC/SUM 1371/2025) dated 24 February 2026

   General Division of the High Court of the Republic of Singapore

   Case no.

   HC/OA 1283/2023 (HC/SUM 1371/2025)

   Citation

   [2026] SGHC 43

   Decision summary

   The court dismissed Spain's application to set aside registration of the ICSID award and decision on annulment. Accession to the ICSID Convention constituted submission to jurisdiction under section 4 of the State Immunity Act, independently of the arbitration exception. The court also held that section 11 applied, rejecting Spain's intra-EU objection to the Energy Charter Treaty arbitration agreement. Setting aside registration in the interests of justice would contravene the ICSID Convention and Singapore's implementing legislation; public policy did not provide a ground to resist enforcement.

   Participants

   Application

   Spain's application to set aside the Registration Order in HC/SUM 1371/2025 — Dismissed

   NextEra Energy Global Holdings B.V.

   Representative

   Thio Shen Yi (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Joshua Phang Shih Ern (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Ang Kai Le (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   TSMP Law Corporation (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   NextEra Energy Spain Holdings B.V.

   Representative

   Thio Shen Yi (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Joshua Phang Shih Ern (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Ang Kai Le (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   TSMP Law Corporation (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Kingdom of Spain

   Representative

   Siraj Omar (For: Kingdom of Spain)

   Representative

   Allister Brendan Tan Yu Kuan (For: Kingdom of Spain)

   Representative

   Cheng Hiu Lam Larisa (For: Kingdom of Spain)

   Representative

   Hendroff Fitzgerald L (For: Kingdom of Spain)

   Representative

   Darryl Hor Jun Heng (For: Kingdom of Spain)

   Representative

   Siraj Omar LLC (For: Kingdom of Spain)

   General Division of the High Court of the Republic of Singapore

   Judge

   Andre Maniam

   Authorities cited

   47

   • State Immunity Act 1979 (Singapore) (State Immunity Act 1979 (2020 Rev Ed), sections 3, 4 and 11)
     statute
   • Arbitration (International Investment Disputes) Act 1968 (Singapore) (Arbitration (International Investment Disputes) Act 1968, sections 4 and 5)
     statute
   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (18 March 1965), 575 UNTS 159, Articles 26 and 50-55
     treaty
   • Energy Charter Treaty, Articles 2, 16 and 26
     treaty
   • Foreign States Immunities Act (Australia), section 10(2)
     statute
   • State Immunity Act 1978 (United Kingdom) (State Immunity Act 1978 (UK), sections 2 and 9)
     statute
   • Vienna Convention on the Law of Treaties (1969), Articles 30, 31 and 41
     treaty
   • Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958)
     treaty
   • UNCITRAL Model Law on International Commercial Arbitration
     statute
   • International Arbitration Act (Singapore), cited in The Republic of India v Deutsche Telekom AG [2024] 1 SLR 56 at [122]-[123]
     statute
   • United States Code, Title 22 (22 U.S.C. section 1650a)
     statute
   • Foreign Sovereign Immunities Act of 1976 (United States) (Foreign Sovereign Immunities Act of 1976, 28 U.S.C. sections 1604 and 1605(a)(1))
     statute
   • Treaty on the Functioning of the European Union, Articles 267 and 344
     treaty
   • Treaty of Lisbon (signed December 2007; entered into force 1 December 2009)
     treaty
   • Treaty on European Union
     treaty
   • UNCITRAL Arbitration Rules, Article 1, quoted in Article 26(5)(a)(iii) of the Energy Charter Treaty
     rules
   • ICSID Additional Facility Rules (Additional Facility Rules, quoted in Article 26(4)-(5) of the Energy Charter Treaty)
     rules
   • Joint Declaration of 26 June 2024 concerning the Energy Charter Treaty (Joint Declaration of 26 June 2024 setting out the common understanding of 26 Contracting States to the Energy Charter Treaty)
     declaration
   • 1998 Statement of the European Communities to the Energy Charter Secretariat (1998 Statement submitted by the European Communities to the Secretariat of the Energy Charter)
     declaration
   • Rules of Court 2021 (Singapore) (Rules of Court 2021, Order 3 rule 2(8)(a))
     rules
   • Constitution of Singapore, cited in The Sahand [2011] 2 SLR 1093 at [33]
     statute
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ([2023] HCA 11; 275 CLR 292)
     case-law
   • Infrastructure Services Luxembourg SARL v Spain ([2024] EWCA Civ 1257)
     case-law
   • Blasket Renewable Investments LLC v Spain ([2025] FCA 1028)
     case-law
   • NextEra Energy Global Holdings B.V. et al. v Kingdom of Spain (Civil Action No. 19-cv-01618, United States District Court for the District of Columbia)
     case-law
   • Eiser Infrastructure Ltd v Kingdom of Spain ([2020] FCA 157; 142 ACSR 616)
     case-law
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ((2021) 284 FCR 319)
     case-law
   • Islam v Secretary of State for the Home Department ([1999] 2 AC 629, 657A-B)
     case-law
   • Sodexo Pass International SAS v Hungary ([2021] NZHC 371)
     case-law
   • SOABI v Senegal (French Court of Cassation (First Civil Chamber), 90-11.282, 11 June 1991)
     case-law
   • Von Pezold v Republic of Zimbabwe (High Court of Malaya at Kuala Lumpur, Originating Summons No. WA-24NCC-323-07/2021)
     case-law
   • The Republic of India v Deutsche Telekom AG ([2024] 1 SLR 56)
     case-law
   • Yong Vui Kong v Public Prosecutor and another matter ([2010] 3 SLR 489)
     case-law
   • Merck Sharp at [37], short-form citation quoted in Deutsche Telekom [2024] 1 SLR 56 at [122]
     case-law
   • Astro at [75], short-form citation quoted in Deutsche Telekom [2024] 1 SLR 56 at [123]
     case-law
   • Micula v Romania ([2020] UKSC 5; [2020] 1 WLR 1033)
     case-law
   • Infrastructure Services Luxembourg SARL v Kingdom of Spain ([2023] EWHC 1226 (Comm))
     case-law
   • Tethyan, 590 F. Supp. 3d at 276, quoted in NextEra Energy Global Holdings B.V. et al. v Kingdom of Spain
     case-law
   • Mobil Cerro Negro Ltd v Bolivarian Republic of Venezuela (863 F.3d 96 (2d Cir. 2017))
     case-law
   • DNZ v DOA ([2026] SGHC(I) 1)
     case-law
   • Hulley Enterprises Ltd v The Russian Federation ([2025] SGHC(I) 19)
     case-law
   • Slovak Republic v Achmea BV (CJEU Case C-284/16, ECLI:EU:C:2018:158, Judgment of 6 March 2018)
     case-law
   • Republic of Moldova v Komstroy (CJEU Case C-741/19, ECLI:EU:C:2021:655, Judgment of 2 September 2021)
     case-law
   • The Sahand and other applications ([2011] 2 SLR 1093)
     case-law
   • Yong Vui Kong v Public Prosecutor ([2015] 2 SLR 1129)
     case-law
   • James Crawford, Brownlie's Principles of Public International Law (Oxford University Press, 9th ed, 2019), pp 714-715
     academic
   • Professor Schreuer's commentary on the ICSID Convention (Professor Schreuer's commentary on Article 54(1), quoted in Micula v Romania [2020] UKSC 5 at [68])
     academic

   2 months and 12 days later · 71 days

4. 6 May 2026Singapore

   6 May 2026Singapore

   Costs decision of the General Division of the High Court in the case HC/SUM 1371/2025 dated 6 May 2026

   General Division of the High Court of the Republic of Singapore

   Case no.

   HC/OA 1283/2023 (HC/SUM 1371/2025)

   Decision summary

   The court awarded the Dutch investors $80,000 in costs plus disbursements for Spain's unsuccessful application to set aside the Registration Order, taking account of the complexity and novelty of the issues, the hearing duration and the work done.

   Participants

   NextEra Energy Global Holdings B.V.

   NextEra Energy Spain Holdings B.V.

   Kingdom of Spain

   General Division of the High Court of the Republic of Singapore

   Judge

   Andre Maniam

   Authorities cited

   1

   • Supreme Court Practice Directions 2021 (Singapore) (Supreme Court Practice Directions 2021, Appendix G)
     rules

   5 months and 13 days later · 166 days

5. 19 October 2026Singapore

   19 October 2026Singapore

   Judgment of the Court of Appeal in the case CA/CA 11/2026 dated 19 October 2026

   Court of Appeal of the Republic of Singapore

   Case no.

   CA/CA 11/2026

   Citation

   [2026] SGCA 43

   Decision summary

   The court dismissed Spain's appeal and awarded the Dutch investors $50,000 in appeal costs, leaving registration of the award and decision on annulment intact. Accession to the ICSID Convention satisfied the submission exception under section 4 of the State Immunity Act, independently of section 11; the court did not decide whether the arbitration exception was also satisfied. The ICSID regime did not permit a domestic court to revisit the tribunal's jurisdiction, and there was no basis to set aside registration in the interests of justice. Spain's challenge to the separate $80,000 costs order plus disbursements failed both for lack of leave to file an additional notice of appeal and because the order was within the judge's discretion.

   Participants

   Application

   Spain's appeal against dismissal of HC/SUM 1371/2025 — Dismissed

   Application

   Spain's challenge to the costs decision of 6 May 2026 — Rejected as procedurally defective and without substantive basis

   Kingdom of Spain

   Representative

   Siraj Omar (For: Kingdom of Spain)

   Representative

   Allister Brendan Tan Yu Kuan (For: Kingdom of Spain)

   Representative

   Cheng Hiu Lam Larisa (For: Kingdom of Spain)

   Representative

   Hendroff Fitzgerald L (For: Kingdom of Spain)

   Representative

   Darryl Hor Jun Heng (For: Kingdom of Spain)

   Representative

   Siraj Omar LLC (For: Kingdom of Spain)

   NextEra Energy Global Holdings B.V.

   Representative

   Thio Shen Yi (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Joshua Phang Shih Ern (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Ang Kai Le (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Prakhunwicha Sararaksh (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   TSMP Law Corporation (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   NextEra Energy Spain Holdings B.V.

   Representative

   Thio Shen Yi (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Joshua Phang Shih Ern (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Ang Kai Le (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   Prakhunwicha Sararaksh (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Representative

   TSMP Law Corporation (For: NextEra Energy Global Holdings B.V. · NextEra Energy Spain Holdings B.V.)

   Court of Appeal of the Republic of Singapore

   Judge

   Sundaresh Menon

   Judge

   Ang Cheng Hock

   Judge

   Hri Kumar Nair

   Authorities cited

   21

   • State Immunity Act 1979 (Singapore) (State Immunity Act 1979 (2020 Rev Ed), sections 2, 3, 4 and 11)
     statute
   • Arbitration (International Investment Disputes) Act 1968 (Singapore) (Arbitration (International Investment Disputes) Act 1968 (2020 Rev Ed), sections 4 and 6)
     statute
   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (18 March 1965), 575 UNTS 159, Articles 26, 41 and 50-55
     treaty
   • Energy Charter Treaty (17 December 1994), 2080 UNTS 95, Article 26
     treaty
   • Rules of Court 2021 (Singapore) (Rules of Court 2021, Order 3 rule 2(8)(a) and (d))
     rules
   • Arbitration (International Investment Disputes) Rules (Singapore) (Arbitration (International Investment Disputes) Rules (2002 Rev Ed))
     rules
   • Convention on the Recognition and Enforcement of Foreign Arbitral Awards (10 June 1958), 330 UNTS 38
     treaty
   • International Arbitration Act 1994 (Singapore) (International Arbitration Act 1994 (2020 Rev Ed), section 31(2)(b))
     statute
   • State Immunity Act 1978 (United Kingdom) (State Immunity Act 1978 (c 33) (UK), section 9)
     statute
   • Supreme Court Practice Directions 2021 (Singapore) (Supreme Court Practice Directions 2021, Appendix G)
     rules
   • NextEra Energy Global Holdings BV v Kingdom of Spain ([2026] SGHC 43)
     case-law
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ([2023] HCA 11)
     case-law
   • The Kingdom of Spain v Infrastructure Services Luxembourg Sarl ([2026] UKSC 9)
     case-law
   • The Republic of India v Deutsche Telekom AG ([2024] 1 SLR 56)
     case-law
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ([2021] FCAFC 3)
     case-law
   • Micula v Romania ([2020] 2 All ER 637)
     case-law
   • Border Timbers Ltd v Republic of Zimbabwe ([2024] 1 WLR 3417)
     case-law
   • Infrastructure Services Luxembourg Sarl v Kingdom of Spain ([2025] 2 All ER 693)
     case-law
   • AnAn Group (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) ([2022] 1 SLR 771)
     case-law
   • The Luna ([2021] 2 SLR 1054)
     case-law
   • Christoph H Schreuer, The ICSID Convention: A Commentary (2nd ed, 2009), p 1139, paragraph 81
     academic
6. Date not availableAustralia

   Date not availableAustralia

   Judgment of the Federal Court of Australia in Blasket Renewable Investments LLC v Spain [2025] FCA 1028

   Federal Court of Australia

   Citation

   [2025] FCA 1028

   Decision summary

   The court recognised and enforced the same ICSID award against Spain, holding that Spain had submitted to jurisdiction by entering into the ICSID Convention and rejecting its challenge to the tribunal's jurisdiction based on the intra-EU objection.

   Participants

   Blasket Renewable Investments LLC

   Kingdom of Spain

   Federal Court of Australia

   Authorities cited

   6

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States, Articles 53-55
     treaty
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ([2023] HCA 11)
     case-law
   • Kingdom of Spain v Infrastructure Services Luxembourg Sarl ((2021) 284 FCR 319)
     case-law
   • Infrastructure Services Luxembourg SARL v Spain ([2024] EWCA Civ 1257)
     case-law
   • Infrastructure Services Luxembourg SARL v Kingdom of Spain ([2023] EWHC 1226 (Comm))
     case-law
   • Micula v Romania ([2020] UKSC 5; [2020] 1 WLR 1033)
     case-law
7. Date not availableUnited States

   Date not availableUnited States

   Judgment of the United States District Court for the District of Columbia in the case 19-cv-01618

   United States District Court for the District of Columbia

   Case no.

   19-cv-01618

   Decision summary

   The court recognised and enforced the same ICSID award against Spain. It held that the ICSID Convention barred re-examination of the tribunal's jurisdiction and that the foreign sovereign compulsion doctrine did not prevent enforcement.

   Participants

   NextEra Energy Global Holdings B.V.

   Kingdom of Spain

   United States District Court for the District of Columbia

   Authorities cited

   5

   • United States Code, Title 22 (22 U.S.C. section 1650a)
     statute
   • Foreign Sovereign Immunities Act of 1976 (United States) (Foreign Sovereign Immunities Act of 1976)
     statute
   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
     treaty
   • Tethyan, 590 F. Supp. 3d at 276
     case-law
   • Mobil Cerro Negro v Bolivarian Republic of Venezuela (863 F.3d 96, 102 (2d Cir. 2017))
     case-law
8. Date not availableSingapore

   Date not availableSingapore

   Order of the General Division of the High Court in the case HC/OA 1283/2023

   General Division of the High Court of the Republic of Singapore

   Case no.

   HC/OA 1283/2023

   Decision summary

   In January 2024, the court ordered the award and the decision on annulment to be registered as if they were judgments of the General Division of the High Court.

   Participants

   NextEra Energy Global Holdings B.V.

   NextEra Energy Spain Holdings B.V.

   Kingdom of Spain

   General Division of the High Court of the Republic of Singapore