2014
NextEra v. Spain NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. v. Kingdom of Spain (ICSID Case No. ARB/14/11)
Spain
Netherlands
Construction and operation of two thermosolar plants in Extremadura, Spain.
Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
McRae, D. M.
Fortier, L. Y.
Boisson de Chazournes, L.
Decided in favour of investor
521.40 mln EUR (586.00 mln USD)
290.60 mln EUR (323.60 mln USD)
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
ICSID annulment proceedings
ICSID annulment proceedings
Pending
None
Kim, J. (President)

Boo, L. (Member)

Sáenz Marinero, H. (Member)