2015
OperaFund and Schwab v. Spain
OperaFund Eco-Invest SICAV PLC and Schwab Holding AG v. Kingdom of Spain
(ICSID Case No. ARB/15/36)
Spain
Malta
Switzerland
Switzerland
Investments in two photovoltaic projects, the “PASO Project” in Majorca and the “ECO 3 Project” in Badajoz, through special purpose vehicles and participative loans held by wholly-owned subsidiaries Paso-Palma Sol Gestión de Proyectos, S.L. and Ecoinversión en Extremadura 3 S.L.
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
Tertiary: H - Transportation and storage
Tertiary: H - Transportation and storage
35 - Electricity, gas, steam and air conditioning supply
49 - Land transport and transport via pipelines
49 - Land transport and transport via pipelines
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Böckstiegel, K.-H.
Reinisch, A.
Sands, P.
Decided in favour of investor
42.00 mln EUR (46.40 mln USD)
29.30 mln USD
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Full protection and security, or similar
Umbrella clause
Arbitrary, unreasonable and/or discriminatory measures
Full protection and security, or similar
Umbrella clause
Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
ICSID annulment proceedings
ICSID annulment proceedings
Pending
None
Feighery, T. J. (President)
Argueta Pinto, M. (Member)
De Quadros, F. (Member)
Argueta Pinto, M. (Member)
De Quadros, F. (Member)
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/15/36
http://www.energycharter.org/what-we-do/dispute-settlement/investment-dispute-settlement-cases/80-operafund-eco-invest-sicav-plc-and-schwab-holding-ag-v-spain/
http://globalarbitrationreview.com/news/article/34071/italy-spain-feel-heat/ (requires subscription)
https://www.ecestaticos.com/file/d88ce7a07265dbf8d809b453b848f239/1514204320-186-881-tribunals-arbitratge.pdf
http://www.energycharter.org/what-we-do/dispute-settlement/investment-dispute-settlement-cases/80-operafund-eco-invest-sicav-plc-and-schwab-holding-ag-v-spain/
http://globalarbitrationreview.com/news/article/34071/italy-spain-feel-heat/ (requires subscription)
https://www.ecestaticos.com/file/d88ce7a07265dbf8d809b453b848f239/1514204320-186-881-tribunals-arbitratge.pdf