Arbitral Digest

Matter

InfraRed Environmental Infrastructure GP Limited and others v Kingdom of Spain (ICSID Case No. ARB/14/12)

InfraRed's solar investment dispute with Spain, concerning thermal power plants, regulatory expectations and an application to annul the resulting ICSID award.

  • Investor-state arbitration
Case no.
ARB/14/12
Industry type
Electricity, gas, steam and air conditioning supply
Applicable rules
ICSID Rules of Procedure for Arbitration Proceedings

Procedural record

  1. 2 August 2019Arbitration

    2 August 2019Arbitration

    Arbitral Award dated 2 August 2019

    International Centre for Settlement of Investment Disputes

    Participants

    InfraRed Environmental Infrastructure GP Limited
    Kingdom of Spain
    International Centre for Settlement of Investment Disputes

    1 year, 2 months and 25 days later · 452 days

  2. 27 October 2020Arbitration

    27 October 2020Arbitration

    Decision on the Stay of Enforcement of the Award dated 27 October 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Committee lifted the stay of enforcement of the Award subject to undertakings by the Respondents and their parent companies; otherwise, the stay was to continue until the annulment proceeding concluded.

    Participants

    Kingdom of Spain
    InfraRed Environmental Infrastructure GP Limited
    International Centre for Settlement of Investment Disputes

    1 year, 7 months and 14 days later · 591 days

  3. 10 June 2022Arbitration

    10 June 2022Arbitration

    Decision on Annulment dated 10 June 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee unanimously dismissed Spain's Application for Annulment of the Award in its entirety. Spain was ordered to reimburse InfraRed 50% of its legal fees, EUR 343,358.125, with 2% annual compound interest if unpaid within 60 days after notification, and to bear the costs of the annulment proceeding.

    Participants

    Kingdom of Spain
    InfraRed Environmental Infrastructure GP Limited
    European Investments (Moron) 1 Limited
    European Investments (Moron) 2 Limited
    European Investments (Olivenza) 1 Limited
    European Investments (Olivenza) 2 Limited
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Jose-Miguel Judice
    Arbitrator
    Karim Hafez
    Arbitrator
    Yuejiao Zhang
    Institutional administrator
    Marco Tulio Montanes-Rumayor

    Authorities cited

    7
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • Republic of Slovakia v Achmea BV (Case C-284/16)
      case-law
    • Republic of Moldova v Komstroy (Case C-741/19)
      case-law
    • Amco Asia Corporation and others v Republic of Indonesia (ICSID Case No. ARB/81/1)
      case-law
    • Maritime International Nominees Establishment v Republic of Guinea (ICSID Case No. ARB/84/4)
      case-law
    • TECO Guatemala Holdings LLC v Republic of Guatemala (ICSID Case No. ARB/10/23)
      case-law
    • Fraport AG Frankfurt Airport Services Worldwide v Republic of the Philippines (ICSID Case No. ARB/03/25)
      case-law

Matter record

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InfraRed Environmental Infrastructure GP Limited and others v Kingdom of Spain (ICSID Case No. ARB/14/12) · Matter