Arbitral Digest

Matter

Hydro S.R.L. and others v Republic of Albania

Case no.
ARB/15/28
Applicable rules
ICSID Arbitration Rules
Procedural history
The claimants submitted the dispute to ICSID on 10 June 2015 under the Italy–Albania investment treaty. The tribunal issued its final award on 24 April 2019. Albania's applications to annul and revise the award were rejected on 2 April 2021 and 29 March 2023. ICSID refused to register a second revision application on 17 September 2024. The Paris Court of Appeal confirmed the inadmissibility of Albania's annulment appeal on 26 May 2026.
  1. 27 January 2016Arbitration

    27 January 2016Arbitration

    ICSID Procedural Order No. 1 dated 27 January 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal designated Paris, France as the place of the proceeding and, with the parties' agreement, held the arbitration hearing in London.

    Supporting details

    International Centre for Settlement of Investment Disputes

    3 years, 2 months and 28 days later · 1183 days

  2. 24 April 2019Arbitration

    24 April 2019Arbitration

    Final Arbitral Award in ICSID Case ARB/15/28 dated 24 April 2019

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal declined jurisdiction over the wind-farm claims, accepted jurisdiction over the other claims, and ordered Albania to pay compensation for expropriation of interests in Agonset, costs, and interest; all other claims were rejected.

    Supporting details

    1 authority · 10 participants
    Republic of Albania
    Hydro S.R.L.
    [I] S.R.L.
    [R] [Z]
    [J] [M]
    [T] [G]
    [B] [W]
    International Centre for Settlement of Investment Disputes
    Arbitrator
    [A] [K]
    Arbitrator
    [E] [P]

    Authorities cited

    1
    • Italy–Albania Agreement on the Promotion and Protection of Investments signed 12 September 1991 (Agreement between the Government of the Republic of Italy and the Government of the Republic of Albania for the Promotion and Protection of Investments, 12 September 1991)
      treaty

    1 year, 11 months and 9 days later · 709 days

  3. 2 April 2021Arbitration

    2 April 2021Arbitration

    ICSID Ad Hoc Committee Decision on Annulment dated 2 April 2021

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ICSID ad hoc committee rejected Albania's application to annul the final award.

    Supporting details

    International Centre for Settlement of Investment Disputes

    1 year, 11 months and 27 days later · 726 days

  4. 29 March 2023Arbitration

    29 March 2023Arbitration

    ICSID Decision on Revision dated 29 March 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal rejected Albania's first application for revision of the final award as out of time under the three-year limit in Article 51(2) of the ICSID Convention.

    Supporting details

    International Centre for Settlement of Investment Disputes

    1 year, 5 months and 19 days later · 538 days

  5. 17 September 2024Arbitration

    17 September 2024Arbitration

    ICSID Secretary General Decision Refusing Registration of Second Revision Application dated 17 September 2024

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Secretary General of ICSID refused to register Albania's second revision application because it was filed more than three years after the award and a revision decision is not part of the award for purposes of Article 51 of the ICSID Convention.

    Supporting details

    International Centre for Settlement of Investment Disputes

    1 year, 8 months and 9 days later · 616 days

  6. 26 May 2026France

    26 May 2026France

    Judgment of the Paris Court of Appeal in case RG 25/00685 dated 26 May 2026

    Paris Court of Appeal

    Case no.
    RG 25/00685
    Decision summary
    The Court confirmed the case-management order declaring inadmissible Albania's appeal against the ICSID final award in case ARB/15/28. It held that the ICSID Convention establishes a delocalized system excluding review by national courts and that the Paris Court of Appeal had no jurisdiction over the award or the ICSID decisions. Albania was ordered to pay costs and EUR 20,000 to each respondent under Article 700 of the French Code of Civil Procedure.

    Supporting details

    9 authorities · 14 participants
    Republic of Albania
    Representative
    Matthieu Boccon Gibod (For: Republic of Albania)
    Representative
    Jean-Pierre Martel (For: Republic of Albania)
    Hydro S.R.L.
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    [I] S.R.L.
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    [R] [Z]
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    [J] [M]
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    [T] [G]
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    [B] [W]
    Representative
    Luca De Maria (For: Hydro S.R.L. · [I] S.R.L. · [R] [Z] · [J] [M] · [T] [G] · [B] [W])
    Paris Court of Appeal
    Other
    Court Reporter
    Najma El Farissi

    Authorities cited

    9
    • French Code of Civil Procedure
      statute
    • French Constitution (Constitution of France)
      statute
    • French Law No. 67-551
      statute
    • Convention for the Settlement of Investment Disputes between States and Nationals of Other States, 18 March 1965
      treaty
    • European Convention on Human Rights, 4 November 1950
      treaty
    • Protocol No. 1 to the European Convention on Human Rights
      treaty
    • Italy–Albania Agreement on the Promotion and Protection of Investments signed 12 September 1991 (Agreement between the Government of the Republic of Italy and the Government of the Republic of Albania for the Promotion and Protection of Investments, 12 September 1991)
      treaty
    • Declaration of the Rights of Man and of the Citizen
      statute
    • ICSID Arbitration Rules
      statute

Matter record

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Hydro S.R.L. and others v Republic of Albania · Matter