Matter
OperaFund Eco-Invest SICAV PLC and Schwab Holding AG v. Kingdom of Spain (ICSID Case No. ARB/15/36)
ICSID investment arbitration concerning Spanish renewable-energy measures, treaty liability, quantum and dissenting views on the award.
Procedural record
- 13 August 2019Arbitration
13 August 2019Arbitration
Dissenting Opinion on Liability and Quantum dated 13 August 2019
International Centre for Settlement of Investment Disputes
Participants
International Centre for Settlement of Investment Disputes
24 days later · 24 days
- 6 September 2019Arbitration
6 September 2019Arbitration
Award dated 6 September 2019
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal found jurisdiction over the claims except the TVPEE tax-measures claim, found Spain in breach of Article 10(1) of the Energy Charter Treaty, awarded USD 29.3 million in damages with pre-award and post-award interest, allocated 25% of arbitration costs to the Claimants and 75% to Spain, and ordered Spain to reimburse 75% of the Claimants' expenses. All other claims were dismissed.
Participants
OperaFund Eco-Invest SICAV PLC
- Representative
- Mr. Alberto Fortun Costea (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Mr. Luis Perez de Ayala (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Maria Isabel Rodriguez Vargas (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Cani Fernandez Vicien (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Maribel Rodriguez Vargas (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Mr. Antonio Delgado Camprubi (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Mr. Antonio Maria Hierro (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Mr. Jose Angel Rueda Garcia (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Mr. Jose Angel Sanchez Villegas (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Ms. Adriana Gonzalez Garcia (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Mr. Borja Alvarez Sanz (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Ms. Ana Martinez Valls (For: OperaFund Eco-Invest SICAV PLC)
- Representative
- Mr. Ignacio Frutos Blanco (For: OperaFund Eco-Invest SICAV PLC)
Schwab Holding AG
- Representative
- Mr. Alberto Fortun Costea (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Mr. Luis Perez de Ayala (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Maria Isabel Rodriguez Vargas (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Cani Fernandez Vicien (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
- Representative
- Ms. Maribel Rodriguez Vargas (For: OperaFund Eco-Invest SICAV PLC · Schwab Holding AG)
Kingdom of Spain
- Representative
- Ms. Amaia Rivas Kortazar (For: Kingdom of Spain)
- Representative
- Mr. Antolin Fernandez Antuna (For: Kingdom of Spain)
- Representative
- Ms. Patricia Frohlingsdorf Nicolas (For: Kingdom of Spain)
- Representative
- Ms. Maria Jose Ruiz Sanchez (For: Kingdom of Spain)
- Representative
- Mr. Jose Manuel Gutierrez Delgado (For: Kingdom of Spain)
- Representative
- Mr. Diego Santacruz Descartin (For: Kingdom of Spain)
- Representative
- Ms. Monica Moraleda Saceda (For: Kingdom of Spain)
- Representative
- Mr. Pablo Elena Abad (For: Kingdom of Spain)
- Representative
- Ms. Elena Onoro Sainz (For: Kingdom of Spain)
- Representative
- Mr. Alberto Torro Moles (For: Kingdom of Spain)
- Representative
- Mr. Rafael Gil Nievas (For: Kingdom of Spain)
Mr. Erik Schnider
Ms. Raquel Vazquez
International Centre for Settlement of Investment Disputes
- Arbitrator
- Prof. Dr. Karl-Heinz Bockstiegel
- Arbitrator
- Prof. MMag. Dr. August Reinisch, LL.M.
- Arbitrator
- Prof. Philippe Sands QC
- Tribunal secretary
- Mr. Francisco Grob
- Tribunal secretary
- Dr. Katherine Simpson
Other
- Witness
- Mr. Lars Bauermeister
- Witness
- Mr. Peter Kofmel
- Expert
- Dr. Jose Antonio Garcia
- Expert
- Mr. Richard Caldwell
- Expert
- Ms. Ying-Chin Chou
- Expert
- Ms. Annika Opitz
- Expert
- Mr. Alvaro Payan
- Witness
- Mr. Carlos Montoya
- Expert
- Mr. Eduard Saura
- Expert
- Mr. Nicolas Barsalou
- Expert
- Ms. Laura Cozar
- Expert
- Mr. Alberto Fernandez
- Expert
- Ms. Aurea Alvarez
- Expert
- Mr. Carlos Canga
- Expert
- Mr. Jorge Servert