Arbitral Digest

Matter

IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19)

Case no.
ARB/19/19
Seat
United States
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  1. 27 February 2020United States

    27 February 2020United States

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal established the procedural rules governing the arbitration, including the applicable ICSID Arbitration Rules, representation, place of proceeding, pleadings, document production, hearings, and costs procedures.

    Supporting details

    1 authority
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1965)
      statute

    2 months and 9 days later · 69 days

  2. 6 May 2020United States

    6 May 2020United States

    Procedural Order No. 2

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal decided Respondent's requests for disclosure of the identity of Tenor Capital Management Company, LP's investors and the operative terms of the funding agreement between Claimants and Lomo Investment, LP.

    Supporting details

    13 authorities · 24 participants
    IC Power Ltd
    Representative
    Nigel Blackaby (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Caroline Richard (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Maria Julia Milesi (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Maria Paz Lestido (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Carolina de Trazegnies (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Monica del Pilar Guerrero Acevedo (For: IC Power Ltd)
    Kenon Holdings Ltd
    Representative
    Nigel Blackaby (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Caroline Richard (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Maria Julia Milesi (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Maria Paz Lestido (For: IC Power Ltd · Kenon Holdings Ltd)
    Representative
    Carolina de Trazegnies (For: IC Power Ltd · Kenon Holdings Ltd)
    Republic of Peru
    Representative
    Robert Rosen (For: Republic of Peru)
    Representative
    Stanimir Alexandrov (For: Republic of Peru)
    Representative
    Marinn Carlson (For: Republic of Peru)
    Representative
    Jennifer Haworth McCandless (For: Republic of Peru)
    Representative
    Maria Carolina Duran (For: Republic of Peru)
    Representative
    Ricardo Puccio (For: Republic of Peru)
    Representative
    Jorge Masson (For: Republic of Peru)
    Representative
    Aresio Viveros (For: Republic of Peru)
    Representative
    Ricardo Manuel Ampuero Llerena (For: Republic of Peru)
    Tenor Capital Management Company, LP
    Lomo Investment, LP
    International Centre for Settlement of Investment Disputes
    Arbitrator
    David R. Haigh

    Authorities cited

    13
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1965)
      statute
    • Free Trade Agreement between Singapore and Peru (Singapore-Peru Free Trade Agreement)
      statute
    • ICSID Arbitration Rules (2006)
      statute
    • Guaracachi America, Inc. and Rurelec PLC v. The Plurinational State of Bolivia (PCA Case No. 2011-17, Procedural Orders Nos. 10, 13 and 14)
      case-law
    • South American Silver Limited v. The Plurinational State of Bolivia (PCA Case No. 2013-15, Procedural Order No. 10)
      case-law
    • Tennant Energy, LLC v. Government of Canada (PCA Case No. 2018-54, Procedural Order No. 4)
      case-law
    • Eskosol S.p.A. in liquidazione v. Italian Republic (ICSID Case No. ARB/15/50, Procedural Order No. 3)
      case-law
    • Muhammet Cap and Sehil Insaat Endustri ve Ticaret Ltd. Sti. v. Turkmenistan (ICSID Case No. ARB/12/6, Procedural Order No. 3)
      case-law
    • RSM Production Corporation v. Saint Lucia (ICSID Case No. ARB/12/10, Decision on Saint Lucia's Request for Security for Costs)
      case-law
    • EuroGas Inc. and Belmont Resources Inc. v. Slovak Republic (ICSID Case No. ARB/14/14, Procedural Order No. 3)
      case-law
    • Rachel S. Grynberg, Stephen M. Grynberg, Miriam Z. Grynberg and RSM Production Corporation v. Grenada (ICSID Case No. ARB/10/6, Tribunal's Decision on Respondent's Application for Security for Costs)
      case-law
    • Burimi SRL and Eagle Games SH.A v. Republic of Albania (ICSID Case No. ARB/11/18, Procedural Order No. 2 on Provisional Measures Concerning Security for Costs)
      case-law
    • Libananco Holdings Co. Limited v. Republic of Turkey (ICSID Case No. ARB/06/8, Decision on Preliminary Issues)
      case-law

    1 year, 5 months and 19 days later · 537 days

  3. 25 October 2021United States

    25 October 2021United States

    Procedural Order No. 3

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal decided Claimants' requests concerning the PSR Report and the Tabors Report and ordered the procedural consequences stated in the Order, including exclusion of identified material from the record.

    Supporting details

    1 authority · 4 participants
    IC Power Ltd
    Expert
    Richard D. Tabors (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Sociedad Integrada de Consultoria (For: IC Power Ltd · Kenon Holdings Ltd)
    Republic of Peru
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Peruvian Law No. 28832 (Law 28832 of 23 July 2006)
      statute

    21 days later · 21 days

  4. 15 November 2021United States

    15 November 2021United States

    Procedural Order No. 4

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected reconsideration concerning the PSR Report, admitted paragraph 15 of the Tabors Report, ordered an updated Rejoinder and CLEX Second Report, and rejected the application to prevent Respondent from cross-examining SIDEC.

    Supporting details

    2 authorities · 4 participants
    IC Power Ltd
    Expert
    Sociedad Integrada de Consultoria (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Richard D. Tabors (For: IC Power Ltd · Kenon Holdings Ltd)
    Republic of Peru
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1965)
      statute
    • Churchill Mining PLC and Planet Mining Ltd v Republic of Indonesia (ICSID Case Nos. ARB/12/14 and 12/40, Procedural Order No. 13)
      case-law

    13 days later · 13 days

  5. 28 November 2021United States

    28 November 2021United States

    Procedural Order No. 5

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal set the organization, schedule, format, examination procedure, and related arrangements for the hearing.

    Supporting details

    1 authority · 14 participants
    IC Power Ltd
    Expert
    Luis Alberto Espinoza Quinones (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Daniela M. Bambaci (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Santiago Dellepiane A. (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Richard D. Tabors (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Cesar Gutierrez (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Ricardo Leyva (For: IC Power Ltd · Kenon Holdings Ltd)
    Expert
    Compass Lexecon (For: IC Power Ltd · Kenon Holdings Ltd)
    Republic of Peru
    International Centre for Settlement of Investment Disputes
    Other

    Authorities cited

    1
    • ICSID Rules of Procedure for Arbitration Proceedings (ICSID Arbitration Rules in effect as of April 2006)
      rules

    1 year, 10 months and 5 days later · 674 days

  6. 3 October 2023United States

    3 October 2023United States

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that Peru breached Article 10.5 of the Treaty by issuing Resolution No. 141, rejected the New Methodology Claim, ordered Peru to pay Claimants US$110.7 million plus pre-award and post-award interest, ordered payment of US$4,931,993.58 for Claimants' arbitration costs and US$640,684.23 for tribunal and ICSID costs, and rejected the Parties' other claims and defenses.

    Supporting details

    6 authorities · 15 participants
    IC Power Ltd
    Representative
    Nigel Blackaby (For: IC Power Ltd)
    Representative
    Caroline Richard (For: IC Power Ltd)
    Representative
    Maria Julia Milesi (For: IC Power Ltd)
    Representative
    Maria Paz Lestido (For: IC Power Ltd)
    Representative
    Ricardo Puccio (For: IC Power Ltd)
    Kenon Holdings Ltd
    Republic of Peru
    Representative
    Carolina de Trazegnies (For: Republic of Peru)
    Representative
    Stanimir A. Alexandrov (For: Republic of Peru)
    Representative
    Jennifer Haworth McCandless (For: Republic of Peru)
    Representative
    Marinn Carlson (For: Republic of Peru)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    David R. Haigh

    Authorities cited

    6
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1965)
      statute
    • PSEG Global Inc and others v Republic of Turkey (ICSID Case No. ARB/02/5, Award)
      case-law
    • Total S.A. v Argentine Republic (ICSID Case No. ARB/04/1, Award)
      case-law
    • ADC Affiliate Ltd and ADC and ADMC Management Ltd v Republic of Hungary (ICSID Case No. ARB/03/16, Award)
      case-law
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • Singapore-Peru Free Trade Agreement (Free Trade Agreement between Singapore and Peru)
      statute

    7 months later · 213 days

  7. 3 May 2024United States

    3 May 2024United States

    Decision on the Requests for Rectification and Clarification

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal granted the Claimants' requests to specify that Peru's cost of debt is assessed at the date of the Award and that pre-award and post-award interest is compounded annually, granted Respondent's request to rectify the amount payable for tribunal and ICSID costs to US$183,052.64, and rejected the remaining requests concerning costs of the rectification proceedings.

    Supporting details

    2 authorities · 6 participants
    IC Power Ltd
    Kenon Holdings Ltd
    Republic of Peru
    International Centre for Settlement of Investment Disputes
    Arbitrator
    David R. Haigh

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1965)
      statute
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

    2 years, 1 month and 23 days later · 784 days

  8. 26 June 2026United States

    26 June 2026United States

    Decision on Annulment

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee dismissed the Application for Annulment in its entirety, ordered Peru to bear all costs of the annulment proceeding, and ordered Peru to reimburse 50% of Claimants' costs of legal representation in the amount of US$1,252,340.85; all other requests were dismissed.

    Supporting details

    1 authority · 13 participants
    Republic of Peru
    Representative
    Monica del Pilar Guerrero Acevedo (For: Republic of Peru)
    Representative
    Stanimir A. Alexandrov (For: Republic of Peru)
    IC Power Ltd
    Representative
    Jennifer Haworth McCandless (For: IC Power Ltd)
    Representative
    Caroline Richard (For: IC Power Ltd)
    Representative
    Lee Rovinescu (For: IC Power Ltd)
    Kenon Holdings Ltd
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Fabio Giuseppe Santacroce
    Tribunal secretary
    Julian Garcerant Fuentes
    Arbitrator
    Yannick Radi

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute

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IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19) · Matter