Spain

Spain

NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2019 Canepa v. Spain Canepa Green Energy Opportunities I, S.á r.l. and Canepa Green Energy Opportunities II, S.á r.l. v. Kingdom of Spain (ICSID Case No. ARB/19/4) The Energy Charter Treaty (1994) ICSID ICSID Investment:

Summary:
Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Murphy, S. D. - President

Rees, P. - Claimant

González Napolitano, S. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
2 2019 Sapec v. Spain Sapec, S.A. v. Kingdom of Spain (ICSID Case No. ARB/19/23) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in several photovoltaic power plants.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Investments in several photovoltaic power plants. Pending Spain Belgium Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Unterhalter, D. - President

Spigelman, J. - Claimant

Brennan, D. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
3 2019 VM Solar Jerez and others v. Spain M Solar GmbH & Co. KG, M Solar Verwaltungs GmbH, Solarizz Holding GmbH & Co. KG and others v. Kingdom of Spain (ICSID Case No. ARB/19/30) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in solar power plants.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Investments in solar power plants. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tawil, G. S. - Claimant

Knoll-Tudor, I. - Respondent

Collins, M. - President
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
4 2018 EBL (Genossenschaft Elektra Baselland) and Tubo Sol PE2 S.L. v. Spain EBL (Genossenschaft Elektra Baselland) and Tubo Sol PE2 S.L. v. Kingdom of Spain (ICSID Case No. ARB/18/42) The Energy Charter Treaty (1994) ICSID ICSID Investment:

Summary:
Pending Spain Switzerland Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kalicki, J. E. - President

Nilsson, B. G. H. - Claimant

Ruiz Fabri, H. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
5 2018 European Solar Farms v. Spain European Solar Farms A/S v. Kingdom of Spain (ICSID Case No. ARB/18/45) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: 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.
Investments in photovoltaic plants. Pending Spain Denmark Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Unterhalter, D. - President

Johnson, O. T. - Claimant

Kohen, M. G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
6 2018 GBM Global and others v. Spain Elías Abadi Cherem, Jaime Abadi Cherem, Abraham Abadi Tawil and others v. Kingdom of Spain (ICSID Case No. ARB/18/33) Mexico - Spain BIT (2006) ICSID ICSID Investment: Shareholding and bondholding in Banco Popular Español, S.A., one of Spain’s largest banks.

Summary: Claims arising out of the Government’s withdrawal of significant amounts of deposits from Banco Popular. The authorities allegedly refused to provide financial support during the Bank’s ensuing liquidity crisis in 2017, which led to the Bank’s forced resolution and sale to a Spanish bank – the sole bidder in the auction – for one euro.
Shareholding and bondholding in Banco Popular Español, S.A., one of Spain’s largest banks. Discontinued Spain Mexico Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Name not available - President

Park, W. W. - Claimant

Blair, W. - Respondent
470.00 mln EUR (543.20 mln USD) Data not available Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

National treatment

Most-favoured nation treatment
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 27 June 2019 None None None None None None
7 2018 Itochu v. Spain Itochu Corporation v. Kingdom of Spain (ICSID Case No. ARB/18/25) The Energy Charter Treaty (1994) ICSID ICSID Investment:

Summary: 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.
Pending Spain Japan Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kronke, H. - President

Reichert, K. - Claimant

Malintoppi, L. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
8 2018 Valle Ruiz and others v. Spain Rogelio Barrenechea Cuenca, Antonio Cosío Ariño, Luis de Garay Russ and others v. Kingdom of Spain (PCA Case No. 2019-17) Mexico - Spain BIT (2006) UNCITRAL PCA Investment: Shareholding and bondholding in Banco Popular Español, S.A., one of Spain’s largest banks.

Summary: Claims arising out of the Government’s alleged withdrawal of significant amounts of deposits from Banco Popular. The authorities allegedly refused to provide financial support during the Bank’s ensuing liquidity crisis in 2017, which led to the Bank’s forced resolution and sale to a Spanish bank – the sole bidder in the auction – for one euro.
Shareholding and bondholding in Banco Popular Español, S.A., one of Spain’s largest banks. Pending Spain Mexico Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Kaufmann-Kohler, G. - President

Park, W. W. - Claimant

Mourre, A. - Respondent
Data not available Data not available Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment
Pending None None None None None None None
9 2017 DCM Energy and others v. Spain DCM Energy GmbH & Co. Solar 1 KG, DCM Energy GmbH & Co. Solar 2 KG, Edisun Power Europe A.G., Hannover Leasing Sun Invest 2 Spanien Beteiligungs GmbH, and Hannover Leasing Sun Invest 2 Spanien GmbH & Co. KG v. Kingdom of Spain (ICSID Case No. ARB/17/41) The Energy Charter Treaty (1994) ICSID ICSID Investment:

Summary:
Pending Spain Germany

Switzerland
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Malinvaud, C. - President

Garibaldi, O. M. - Claimant

Dupuy, P.-M. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
10 2017 FREIF Eurowind v. Spain FREIF Eurowind v. Kingdom of Spain (SCC Case No. 2017/060) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: 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.
Pending Spain United Kingdom Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Jones, D. - President

Hobér, K. - Claimant

Clay, T. - Respondent
53.00 mln EUR (61.60 mln USD) Data not available Data not available Pending None None None None None None None
11 2017 Portigon v. Spain Portigon AG v. Kingdom of Spain (ICSID Case No. ARB/17/15) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in three solar power plants with an output of 150 megawatts as part of a consortium of banks.

Summary: 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.
Investments in three solar power plants with an output of 150 megawatts as part of a consortium of banks. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Bulnes Serrano, F. - President

van den Berg, A. J. - Claimant

Sacerdoti, G. - Respondent
Data not available Data not available Data not available Pending Decision on Respondent’s Preliminary Objections pursuant to ICSID Arbitration Rule 41(5) dated 31 May 2018 None None None None None None
12 2017 Triodos SICAV II v. Spain Triodos SICAV II v. Kingdom of Spain (SCC Case No. 2017-194) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: 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.
Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available Data not available Data not available Data not available Pending None None None None None None None
13 2016 Biram and others v. Spain Aharon Naftali Biram, Gilatz Spain SL, Redmill Holdings Ltd and Sun-Flower Olmeda GmbH v. Kingdom of Spain (ICSID Case No. ARB/16/17) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: 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.
Investments in photovoltaic plants. Pending Spain Germany

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Bernardini, P. - Respondent (replaced)

Johnson, O. T. - Claimant

Greenwood, C. - President

Kohen, M. G. - Respondent
69.00 mln EUR (80.10 mln USD) Data not available Data not available Pending None None None None None None None
14 2016 Corcoesto v. Spain Corcoesto, S.A. v. Kingdom of Spain (PCA Case No. 2016-26) Panama - Spain BIT (1997) UNCITRAL PCA Investment: Exploitation concessions for a gold mining project in Corcoesto, Spain.

Summary: Claims arising out of a decision of the regional (Galician) Government to unilaterally terminate the claimant’s mining concessions for the Corcoesto gold project in the northwest of Spain.
Exploitation concessions for a gold mining project in Corcoesto, Spain. Pending Spain Panama Primary: B - Mining and quarrying 7 - Mining of metal ores Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
15 2016 Cordoba Beheer and others v. Spain Cordoba Beheer B.V., Cross Retail S.L., Sevilla Beheer B.V., Spanish project companies v. Kingdom of Spain (ICSID Case No. ARB/16/27) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in a renewable energy generation enterprise.

Summary: 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.
Investments in a renewable energy generation enterprise. Pending Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Fathallah, R. - President

Dolzer, R. - Claimant (replaced)

Tanzi, A. M. - Respondent

Cameron, P. D. - Claimant
20.50 mln EUR (23.80 mln USD) Data not available Data not available Pending None None None None None None None
16 2016 EDF v. Spain EDF Energies Nouvelles S.A. v. Kingdom of Spain The Energy Charter Treaty (1994) UNCITRAL Data not available Investment:

Summary: 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.
Pending Spain France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 52.80 mln EUR (61.30 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
17 2016 Eurus Energy v. Spain Eurus Energy Holdings Corporation and Eurus Energy Europe B.V. v. Kingdom of Spain (ICSID Case No. ARB/16/4) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in a renewable energy generation enterprise.

Summary: 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.
Investments in a renewable energy generation enterprise. Pending Spain Japan

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Crawford, J. R. - President

Garibaldi, O. M. - Claimant

Giardina, A. - Respondent
263.00 mln EUR (305.50 mln USD) Data not available Data not available Pending None None None None None None None
18 2016 Green Power and Obton v. Spain Green Power K/S and Obton A/S v. Kingdom of Spain (SCC Case No. 2016/135) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: 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.
Pending Spain Denmark Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 76.10 mln EUR (88.40 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
19 2016 Infracapital v. Spain Infracapital F1 S.à r.l. and Infracapital Solar B.V. v. Kingdom of Spain (ICSID Case No. ARB/16/18) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: 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.
Investments in photovoltaic plants. Pending Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Nunes Pinto, J. E. - President (replaced)

Cameron, P. D. - Claimant

González García, L. - Respondent

Siqueiros, E. - President
Data not available Data not available Data not available Pending None None None None None None None
20 2015 9REN Holding v. Spain 9REN Holding S.a.r.l v. Kingdom of Spain (ICSID Case No. ARB/15/15) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in eight solar parks through local subsidiaries, Solaica Power S.L.U. and 9Ren España S.L.

Summary: 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.
Investments in eight solar parks through local subsidiaries, Solaica Power S.L.U. and 9Ren España S.L. Decided in favour of investor Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Haigh, D. - Claimant

Veeder, V. V. - Respondent

Binnie, I. - President
52.20 mln EUR (60.40 mln USD) 40.00 mln EUR (44.40 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 31 May 2019

Decision on the Rectification of the Award dated 6 December 2019
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Hafez, K. - President

Molfessis, N. - Member

Moura Vicente, D. - Member
21 2015 Alten Renewable v. Spain Alten Renewable Energy Developments BV v. Kingdom of Spain (SCC Case No. 2015/036) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in photovoltaic plants.

Summary: 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.
Investments in photovoltaic plants. Pending Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Baptista, L. O. - President

Jana Linetzky, A. - Claimant

Perezcano Diaz, H. - Respondent
59.40 mln EUR (69.00 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
22 2015 BayWa r.e. v. Spain BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v. Kingdom of Spain (ICSID Case No. ARB/15/16) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in the Spanish solar energy sector; including majority ownership of a 99-megawatt solar power plant in Aragon, a 70-megawatt solar power plant in Valencia and investments in solar power plants in Barcelona, Mallorca and Madrid.

Summary: 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.
Investments in the Spanish solar energy sector; including majority ownership of a 99-megawatt solar power plant in Aragon, a 70-megawatt solar power plant in Valencia and investments in solar power plants in Barcelona, Mallorca and Madrid. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Malintoppi, L. - Respondent

Grigera Naón, H. A. - Claimant

Crawford, J. R. - President
67.40 mln EUR (77.90 mln USD) Data not available Indirect expropriation

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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Directions on Quantum dated 2 December 2019 Dissenting Opinion of Horacio A. Grigera Naón None None None None None
23 2015 Cavalum SGPS v. Spain Cavalum SGPS, S.A. v. Kingdom of Spain (ICSID Case No. ARB/15/34) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of five solar power plants in Western and Central Spain.

Summary: 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.
Ownership of five solar power plants in Western and Central Spain. Pending Spain Portugal Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Collins, L. - President

Haigh, D. - Claimant

Bethlehem, D. - Respondent
60.00 mln EUR (69.70 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Directions on Quantum dated 31 August 2020 Dissenting Opinion by David Haigh None None None None None
24 2015 Cube Infrastructure and others v. Spain Cube Infrastructure Fund SICAV and others v. Kingdom of Spain (ICSID Case No. ARB/15/20) The Energy Charter Treaty (1994) ICSID ICSID Investment: Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI.

Summary: 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.
Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI. Decided in favour of investor Spain France

Luxembourg
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Spigelman, J. - Claimant

Lowe, V. - President

Tomuschat, C. - Respondent
74.10 mln EUR (83.50 mln USD) 33.70 mln EUR (38.00 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Partial Decision on Quantum dated 19 February 2019

Award dated 15 July 2019
Separate and Partial Dissenting Opinion by Christian Tomuschat ICSID annulment proceedings Pending (ICSID annulment proceedings) None None van Haersolte-Van Hof, J. J. - President

Castellanos Howell, A. R. - Member

Feighery, T. J. - Member
25 2015 E.ON SE and others v. Spain E.ON SE, E.ON Finanzanlagen GmbH and E.ON Iberia Holding GmbH v. Kingdom of Spain (ICSID Case No. ARB/15/35) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in solar, wind and mini-hydro electric power plants in Spain.

Summary: 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.
Investments in solar, wind and mini-hydro electric power plants in Spain. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kantor, M. - President

Orrego Vicuña, F. - Claimant (replaced)

Boisson de Chazournes, L. - Respondent

Jana Linetzky, A. - Claimant
324.70 mln EUR (377.20 mln USD) Data not available Data not available Pending None None None None None None None
26 2015 Foresight and others v. Spain Foresight Luxembourg Solar 1 S.Á.R.L., Foresight Luxembourg Solar 2 S.Á.R.L., Greentech Energy System A/S, GWM Renewable Energy I S.P.A and GWM Renewable Energy II S.P.A v. Kingdom of Spain (SCC Case No. 2015/150) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in three solar photovoltaic facilities (the Madridejos, La Castilleja and Fotocampillos plants).

Summary: 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.
Investments in three solar photovoltaic facilities (the Madridejos, La Castilleja and Fotocampillos plants). Decided in favour of investor Spain Luxembourg

Denmark

Italy
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Moser, M. J. - President

Sachs, K. - Claimant

Vinuesa, R. E. - Respondent
58.20 mln EUR (65.50 mln USD) 39.00 mln EUR (43.90 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 14 November 2018 Partial Dissenting Opinion by Raúl E. Vinuesa Judicial review by national courts Pending (Judicial review by national courts) None None None
27 2015 Hydro Energy 1 and Hydroxana v. Spain Hydro Energy 1 S.à r.l. and Hydroxana Sweden AB v. Kingdom of Spain (ICSID Case No. ARB/15/42) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprise.

Summary: 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.
Investments in renewable energy generation enterprise. Decided in favour of investor Spain Luxembourg

Sweden
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Collins, L. - President

Rees, P. - Claimant

Knieper, R. - Respondent
132.10 mln EUR (149.10 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Directions on Quantum dated 9 March 2020

Award dated 5 August 2020
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
28 2015 JGC v. Spain JGC Corporation v. Kingdom of Spain (ICSID Case No. ARB/15/27) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in two solar thermal power plants in Cordoba, Spain.

Summary: 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.
Shareholding in two solar thermal power plants in Cordoba, Spain. Pending Spain Japan Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Dolzer, R. - Claimant (replaced)

Shin, H.-T. - President

Pinto, M. - Respondent

Reinisch, A. - Claimant
93.50 mln EUR (108.60 mln USD) Data not available Data not available Pending None None None None None None None
29 2015 Kruck and others v. Spain Frank Schumm, Joachim Kruck, Jürgen Reiss and others v. Kingdom of Spain (ICSID Case No. ARB/15/23) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic power plant facilities in different regions of Spain.

Summary: 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.
Investments in photovoltaic power plant facilities in different regions of Spain. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Born, G. B. - Claimant (replaced)

Lowe, V. - President

Douglas, Z. - Respondent

Pryles, M. C. - Claimant
67.40 mln EUR (78.40 mln USD) Data not available Data not available Pending Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 14 March 2016 None None None None None None
30 2015 KS and TLS Invest v. Spain KS Invest GmbH and TLS Invest GmbH v. Kingdom of Spain (ICSID Case No. ARB/15/25) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in a renewable energy generation enterprise.

Summary: 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.
Investments in a renewable energy generation enterprise. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Bethlehem, D. - Respondent

Born, G. B. - Claimant (replaced)

Hobér, K. - Claimant
80.00 mln EUR (92.20 mln USD) Data not available Data not available Pending None None None None None None None
31 2015 Landesbank Baden-Württemberg and others v. Spain Landesbank Baden-Württemberg, HSH Nordbank AG, Landesbank Hessen-Thüringen Girozentrale and Norddeutsche Landesbank-Girozentrale v. Kingdom of Spain (ICSID Case No. ARB/15/45) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprises (photovoltaic and solar thermal plants).

Summary: 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.
Investments in renewable energy generation enterprises (photovoltaic and solar thermal plants). Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Greenwood, C. - President

Poncet, C. - Claimant

Oreamuno Blanco, R. - Respondent
482.50 mln EUR (560.50 mln USD) Data not available Data not available Pending Decision on the “Intra-EU” Jurisdictional Objection dated 25 February 2019 None None None None None None
32 2015 Novenergia v. Spain Novenergia II - Energy & Environment (SCA), SICAR v. Kingdom of Spain (SCC Case No. 063/2015) The Energy Charter Treaty (1994) SCC SCC Investment: Indirect investment in eight photovoltaic plants in Spain, through Novenergia II Energy & Environment España, S.L., a locally-incorporated company.

Summary: 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.
Indirect investment in eight photovoltaic plants in Spain, through Novenergia II Energy & Environment España, S.L., a locally-incorporated company. Decided in favour of investor Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Sidklev, J. - President

Crivellaro, A. - Claimant

Sepúlveda Amor, B. - Respondent
61.30 mln EUR (75.90 mln USD) 53.30 mln EUR (66.00 mln USD) Indirect expropriation

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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Final Arbitral Award dated 15 February 2018 None Judicial review by national courts Pending (Judicial review by national courts) Decision of the Svea Court of Appeal dated 25 April 2019 (Unofficial English Translation) (Judicial review by national courts)

Decision of Svea Court of Appeal dated 27 May 2020 (English Translation) (Judicial review by national courts)
None None
33 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) The Energy Charter Treaty (1994) ICSID ICSID Investment: 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.

Summary: 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.
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. Decided in favour of investor Spain Malta

Switzerland
Tertiary: D - Electricity, gas, steam and air conditioning supply

Tertiary: H - Transportation and storage
35 - Electricity, gas, steam and air conditioning supply

49 - Land transport and transport via pipelines
Böckstiegel, K.-H. - President

Reinisch, A. - Claimant

Sands, P. - Respondent
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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 6 September 2019 Dissenting Opinion on Liability and Quantum by Philippe Sands ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Feighery, T. J. - President

Argueta Pinto, M. - Member

De Quadros, F. - Member
34 2015 Solarpark v. Spain Solarpark Management GmbH & Co. Atum I KG v. Kingdom of Spain (SCC Case No. 2015/163) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: 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.
Discontinued Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 6.10 mln EUR (7.10 mln USD) Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
35 2015 SolEs Badajoz v. Spain SolEs Badajoz GmbH v. Kingdom of Spain (ICSID Case No. ARB/15/38) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of Fotones de Castuera, a Spanish company operating two photovoltaic plants (Badajoz I and Badajoz II) in the Autonomous Region of Extremadura, Spain.

Summary: 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.
Ownership of Fotones de Castuera, a Spanish company operating two photovoltaic plants (Badajoz I and Badajoz II) in the Autonomous Region of Extremadura, Spain. Decided in favour of investor Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Donoghue, J. E. - President

Alexandrov, S. A. - Claimant (replaced)

Joubin-Bret, A. - Respondent (replaced)

Williams, D. A. R. - Claimant

Sacerdoti, G. - Respondent
95.80 mln EUR (106.80 mln USD) 40.50 mln EUR (44.90 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 31 July 2019

Decision on the Rectification of the Award dated 5 December 2019
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Bull, C. - President

Ó Hoisín, C. - Member

Pierola Castro, N. F. - Member
36 2015 Stadtwerke München and others v. Spain Stadtwerke München GmbH and others v. Kingdom of Spain (ICSID Case No. ARB/15/1) The Energy Charter Treaty (1994) ICSID ICSID Investment: Majority shareholding in the Spanish thermo solar plant Andasol located in Granada and held by the Spanish project company Marquesado Solar S.L.

Summary: 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.
Majority shareholding in the Spanish thermo solar plant Andasol located in Granada and held by the Spanish project company Marquesado Solar S.L. Decided in favour of State Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Hobér, K. - Claimant

Douglas, Z. - Respondent

Salacuse, J. W. - President
423.00 mln EUR (491.40 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures

Other
None - all claims dismissed at the merits stage Award dated 2 December 2019 Dissenting Opinion of Kaj Hobér ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Wallgren-Lindholm, C. - President

Castellanos Howell, A. R. - Member

Arrighi Bustamante, P. - Member
37 2015 STEAG v. Spain STEAG GmbH v. Kingdom of Spain (ICSID Case No. ARB/15/4) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Spanish thermosolar power plant Arenales.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Shareholding in the Spanish thermosolar power plant Arenales. Pending Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tawil, G. S. - Claimant

Dupuy, P.-M. - Respondent

Zuleta, E. - President
79.00 mln EUR (92.90 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Directions on Quantum dated 8 October 2020 (Spanish) Dissenting Opinion by Pierre-Marie Dupuy (Spanish) None None None None None
38 2015 Watkins Holdings v. Spain Watkins Holdings S.à r.l. and others v. Kingdom of Spain (ICSID Case No. ARB/15/44) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprises (wind farms).

Summary: 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.
Investments in renewable energy generation enterprises (wind farms). Decided in favour of investor Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Pryles, M. C. - Claimant

Ruiz Fabri, H. - Respondent

Abraham, C. W. M. - President
123.90 mln EUR (137.40 mln USD) 77.00 mln EUR (85.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 21 January 2020 Dissenting Opinion of Hélène Ruiz Fabri None None None None None
39 2014 InfraRed and others v. Spain InfraRed Environmental Infrastructure GP Limited and others v. Kingdom of Spain (ICSID Case No. ARB/14/12) The Energy Charter Treaty (1994) ICSID ICSID Investment: Equity participations in two concentrated solar projects in Spain, located in Andalucía and Extremadura.

Summary: 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.
Equity participations in two concentrated solar projects in Spain, located in Andalucía and Extremadura. Decided in favour of investor Spain United Kingdom Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Drymer, S. L. - President

Park, W. W. - Claimant

Dupuy, P.-M. - Respondent
75.70 mln EUR (83.70 mln USD) 28.20 mln EUR (31.20 mln USD) Indirect expropriation

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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 2 August 2019 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Júdice, J. M. - President

Hafez, K. - Member

Zhang, Y. - Member
40 2014 Masdar v. Spain Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain (ICSID Case No. ARB/14/1) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Spanish company Torresol Energy Investments S.A. which operated three concentrated solar power plants in Spain: Gemasolar, Termesol and Arcosol.

Summary: 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.
Shareholding in the Spanish company Torresol Energy Investments S.A. which operated three concentrated solar power plants in Spain: Gemasolar, Termesol and Arcosol. Decided in favour of investor Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Beechey, J. - President

Born, G. B. - Claimant

Stern, B. - Respondent
250.00 mln EUR (297.00 mln USD) 64.50 mln EUR (76.70 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 16 May 2018 None ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 27 November 2020 (ICSID annulment proceedings) None Pierola Castro, N. F. - Member

Wallgren-Lindholm, C. - Member

Kim, K.-Y. - President

Khan, M. A. - President (replaced)
41 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) The Energy Charter Treaty (1994) ICSID ICSID Investment: Construction and operation of two thermosolar plants in Extremadura, Spain.

Summary: 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.
Construction and operation of two thermosolar plants in Extremadura, Spain. Decided in favour of investor Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply McRae, D. M. - President

Fortier, L. Y. - Claimant

Boisson de Chazournes, L. - Respondent
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

Umbrella clause

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Quantum Principles dated 12 March 2019

Award dated 31 May 2019
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Kim, J. - President

Boo, L. - Member

Sáenz Marinero, H. - Member
42 2014 RENERGY v. Spain RENERGY S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/14/18) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the renewable energy generation company Iberéolica, which owned two thermosolar plants in Seville and Badajoz.

Summary: 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.
Shareholding in the renewable energy generation company Iberéolica, which owned two thermosolar plants in Seville and Badajoz. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Schreuer, C. H. - Claimant

Sands, P. - Respondent
206.00 mln EUR (239.30 mln USD) Data not available Data not available Pending None None None None None None None
43 2014 RWE Innogy v. Spain RWE Innogy GmbH and RWE Innogy Aersa S.A.U. v. Kingdom of Spain (ICSID Case No. ARB/14/34) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of several renewable energy generation enterprises in Spain, including the thermosolar plant Andasol 3 in Granada.

Summary: 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.
Ownership of several renewable energy generation enterprises in Spain, including the thermosolar plant Andasol 3 in Granada. Decided in favour of investor Spain Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kessler, J. L. - Claimant

Wordsworth, S. - President

Joubin-Bret, A. - Respondent
273.00 mln EUR (317.10 mln USD) 28.10 mln EUR (34.40 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction, Liability and Certain Issues of Quantum dated 30 December 2019

Award dated 18 December 2020 (English)

Award dated 18 December 2020 (Spanish)
Separate Opinion by Judd L. Kessler (English)

Separate Opinion by Judd L. Kessler (Spanish)
None None None None None
44 2013 Antin v. Spain Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V. v. Kingdom of Spain (ICSID Case No. ARB/13/31) The Energy Charter Treaty (1994) ICSID ICSID Investment: Direct and indirect shareholding in two solar thermo plants in Andalucía, Spain.

Summary: 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.
Direct and indirect shareholding in two solar thermo plants in Andalucía, Spain. Decided in favour of investor Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Zuleta, E. - President

Orrego Vicuña, F. - Claimant (replaced)

Reichert, K. - Claimant

Thomas, J. C. - Respondent
196.00 mln EUR (229.60 mln USD) 101.00 mln EUR (115.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 2 March 2015

Award dated 15 June 2018

Decision on the Rectification of the Award dated 29 January 2019
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Bull, C. - President

Moreno Rodríguez, J. A. - Member

Comair-Obeid, N. - Member
45 2013 CSP Equity Investment v. Spain CSP Equity Investment Sarl v. Kingdom of Spain (SCC Case No. 094/2013) The Energy Charter Treaty (1994) SCC PCA Investment: Equity interests in six thermo-solar powerplants in Spain.

Summary: 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.
Equity interests in six thermo-solar powerplants in Spain. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 840.00 mln EUR (975.90 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending None None None None None None None
46 2013 Eiser and Energía Solar v. Spain Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/36) The Energy Charter Treaty (1994) ICSID ICSID Investment: Interests in three concentrated solar power plants located in Spain.

Summary: 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.
Interests in three concentrated solar power plants located in Spain. Decided in favour of investor Spain Luxembourg

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Crook, J. R. - President

Alexandrov, S. A. - Claimant

McLachlan, C. A. - Respondent
256.00 mln EUR (279.50 mln USD) 128.00 mln EUR (139.80 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 9 February 2015

Award dated 4 May 2017 (English)

Award dated 4 May 2017 (Spanish)
None ICSID annulment proceedings Award/decision annulled in its entirety (ICSID annulment proceedings) Decision on Annulment dated 11 June 2020 (English) (ICSID annulment proceedings)

Decision on Annulment dated 11 June 2020 (Spanish) (ICSID annulment proceedings)
None Ramírez Hernández, R. - President

Hascher, D. - Member

Khan, M. A. - Member

Cheng, T. - Member (replaced)
47 2013 Isolux v. Spain Isolux Infrastructure Netherlands B.V. v. Kingdom of Spain (SCC Case No. 2013/153) The Energy Charter Treaty (1994) SCC SCC Investment: Interests in several photovoltaic plants in Spain.

Summary: 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.
Interests in several photovoltaic plants in Spain. Decided in favour of State Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Derains, Y. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
68.90 mln EUR (76.10 mln USD) Data not available Data not available None - all claims dismissed at the merits stage Award dated 12 July 2016 Dissenting Opinion of Guido S. Tawil None None None None None
48 2013 RREEF v. Spain RREEF Infrastructure (G.P.) Limited and RREEF Pan-European Infrastructure Two Lux S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/30) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in two solar power plants located in Andalucía, Spain.

Summary: 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.
Shareholding in two solar power plants located in Andalucía, Spain. Decided in favour of investor Spain Luxembourg

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Pellet, A. - President

Volterra, R. - Claimant

Nikken, P. - Respondent
441.00 mln EUR (512.30 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 6 June 2016

Decision on Responsibility and on the Principles of Quantum dated 30 November 2018
Partially Dissenting Opinion of Robert Volterra ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Boo, L. - President

Barros Bourie, E. - Member

Cooper-Rousseau, B. - Member
49 2012 Charanne and Construction Investments v. Spain Charanne B.V. and Construction Investments S.a.r.l. v. Spain (SCC Case No. 062/2012) The Energy Charter Treaty (1994) SCC SCC Investment: Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant. Decided in favour of State Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Mourre, A. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
17.80 mln EUR (20.70 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
None - all claims dismissed at the merits stage Final Award dated 21 January 2016 Dissenting Opinion of Guido Santiago Tawil None None None None None
50 2012 IGB v. Spain Inversión y Gestión de Bienes, IGB, S.L. and IGB18 Las Rozas, S.L. v. Kingdom of Spain (ICSID Case No. ARB/12/17) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Capital expenditure of over EUR 25 million for the acquisition of land to develop a residential complex in the municipality of Las Rozas, Madrid.

Summary: Claims arising out of the non-approval of an urbanistic plan for the development of a residential complex in Madrid, after allegedly receiving incentives from the municipality of Madrid to carry out the investment.
Capital expenditure of over EUR 25 million for the acquisition of land to develop a residential complex in the municipality of Las Rozas, Madrid. Decided in favour of State Spain Venezuela, Bolivarian Republic of Tertiary: F - Construction

Tertiary: L - Real estate activities
41 - Construction of buildings

68 - Real estate activities
Oreamuno Blanco, R. - Sole arbitrator 25.00 mln EUR (30.70 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Arbitrary, unreasonable and/or discriminatory measures

Other
None - all claims dismissed at the merits stage Award dated 14 August 2015

Decision on Jurisdiction dated 21 June 2013
None None None None None None
51 2011 The PV Investors v. Spain The PV Investors v. Spain (PCA Case No. 2012-14) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Interests in photovoltaic energy installations in Spain.

Summary: 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.
Interests in photovoltaic energy installations in Spain. Decided in favour of investor Spain Germany

Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kaufmann-Kohler, G. - President

Brower, C. N. - Claimant

Sepúlveda Amor, B. - Respondent
1900.00 mln EUR (2200.00 mln USD) 91.10 mln EUR (99.80 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Bifurcation dated March 2013

Final Award dated 28 February 2020
Concurring and Dissenting Opinion of Charles N. Brower None None None None None
52 1997 Maffezini v. Spain Emilio Agustín Maffezini v. The Kingdom of Spain (ICSID Case No. ARB/97/7) Argentina - Spain BIT (1991) ICSID ICSID Investment: Shareholding in company engaged in the production and distribution of chemical products in the Spanish region of Galicia.

Summary: Claims arising out of the discontinuance of the company's activities due to an internal financial crisis allegedly attributed to Spain, including allegations of misinforming the claimant on the costs of the project and involving alleged unauthorized bank transfers.
Shareholding in company engaged in the production and distribution of chemical products in the Spanish region of Galicia. Decided in favour of investor Spain Argentina Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Orrego Vicuña, F. - President

Buergenthal, T. - Claimant

Wolf, M. - Respondent
Data not available 30.00 mln ESP (0.15 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Transfer of funds

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Decision of the Tribunal on Objections to Jurisdiction dated 25 January 2000

Award dated 13 November 2000
None None None None None None
NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2020 AFC v. Colombia AFC Investment Solutions S.L. v. Republic of Colombia (ICSID Case No. ARB/20/16) Colombia - Spain BIT (2005) ICSID ICSID Investment: Investments in Internacional Compañía de Financiamiento S.A.

Summary: Claims arising out of the forced liquidation of Internacional Compañía de Financiamiento S.A. ordered by Colombia’s financial regulatory authority (Superintendencia Financiera de Colombia) in 2015.
Investments in Internacional Compañía de Financiamiento S.A. Pending Colombia Spain Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Name not available - President

Sacco, S. - Claimant

Name not available - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
2 2020 Santamarta v. Venezuela Raimundo Santamarta Devis v. Bolivarian Republic of Venezuela Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL None Investment: Investments in SM Pharma, a pharmaceutical company.

Summary: Claims arising out of Government’s alleged seizure of SM Pharma’s manufacturing facilities in Maracaibo.
Investments in SM Pharma, a pharmaceutical company. Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations Data not available 200.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
3 2019 Alcosa and Lucidos de Yeso v. Kuwait Alcosa Shareholding SL and Lucidos De Yeso Proyectado v. The State of Kuwait Kuwait - Spain BIT (2005) UNCITRAL PCA Investment: Investments in Public Services Company (PSC), a local entity providing health insurance services.

Summary: Claims arising out of the Government’s termination of certain health services contracts between the Ministry of Health and local entity PSC in which the claimants allegedly invested following the entity’s privatization in 2017.
Investments in Public Services Company (PSC), a local entity providing health insurance services. Discontinued Kuwait Spain Tertiary: K - Financial and insurance activities 66 - Activities auxiliary to financial service and insurance activities Tribunal not constituted 800.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
4 2019 Azucarera del Guadalfeo and Martín v. Dominican Republic Azucarera del Guadalfeo S.A. and Joaquín Francisco Martín Montero v. Dominican Republic (PCA Case No. 2020-01) Dominican Republic - Spain BIT (1995) UNCITRAL PCA Investment: Ownership of local subsidiary Azucarera Porvenir, S. R. L., which operated the Porvenir sugar mill in San Pedro de Macorís.

Summary: Claims arising out of the State Sugar Council’s alleged illegal take-over of sugar production facilities operated by the claimants’ local subsidiary based on a lease agreement with the State Sugar Council.
Ownership of local subsidiary Azucarera Porvenir, S. R. L., which operated the Porvenir sugar mill in San Pedro de Macorís. Pending Dominican Republic Spain Secondary: C - Manufacturing 10 - Manufacture of food products Júdice, J. M. - President

Hierro, A. - Claimant

Malintoppi, L. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
5 2019 Diamante Trading and others v. Venezuela Diamante Trading Investments Ltd. and others v. Bolivarian Republic of Venezuela (PCA Case No. 2019-49) Barbados - Venezuela, Bolivarian Republic of BIT (1994)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
UNCITRAL PCA Investment: Interests in Herrera, C.A.

Summary: Claims arising out of the Government’s alleged expropriatory measures related to the claimants’ investments in the food sector.
Interests in Herrera, C.A. Pending Venezuela, Bolivarian Republic of Barbados

Spain
Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 46 - Wholesale trade, except of motor vehicles and motorcycles Name not available - President

Name not available - Claimant

Name not available - Respondent
100.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
6 2019 Díaz Gaspar v. Costa Rica Alejandro Diego Díaz Gaspar v. Republic of Costa Rica (ICSID Case No. ARB/19/13) Costa Rica - Spain BIT (1997) ICSID ICSID Investment: Investments in Ibérico SA, a local food processing company.

Summary: Claims arising out of a series of alleged measures by Government agencies against the claimant’s company, including the forced closure of Ibérico’s food production facilities, the revocation of related permits and the initiation of bankruptcy proceedings.
Investments in Ibérico SA, a local food processing company. Pending Costa Rica Spain Secondary: C - Manufacturing 10 - Manufacture of food products Mourre, A. - President

Jiménez, A. E. - Claimant

González García, L. - Respondent
101.00 mln USD Data not available Data not available Pending None None None None None None None
7 2019 Orazul v. Argentina Orazul International España Holdings S.L. v. Argentine Republic (ICSID Case No. ARB/19/25) Argentina - Spain BIT (1991) ICSID ICSID Investment: Investments in a hydroelectric power plant and a thermal power plant.

Summary:
Investments in a hydroelectric power plant and a thermal power plant. Pending Argentina Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Hanefeld, I. - President

Haigh, D. - Claimant

Pellet, A. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
8 2018 BBVA v. Bolivia Banco Bilbao Vizcaya Argentaria S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB(AF)/18/5) Bolivia, Plurinational State of - Spain BIT (2001) ICSID AF ICSID Investment: Majority shareholding in BBVA Previsión AFP, a pension fund administrator.

Summary: Claims arising out of the Government’s alleged failure to agree on the terms for transferring pension fund administration from BBVA Previsión AFP to a public entity, following the 2010 enactment of a law that nationalized the country’s pension fund sector.
Majority shareholding in BBVA Previsión AFP, a pension fund administrator. Pending Bolivia, Plurinational State of Spain Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Galíndez, V. - Claimant

Derains, Y. - Respondent

Alexandrov, S. A. - President
Data not available Data not available Data not available Pending None None None None None None None
9 2018 Enagás v. Peru Enagás S.A. and Enagás Internacional S.L.U. v. Republic of Peru (ICSID Case No. ARB/18/26) Peru - Spain BIT (1994) ICSID ICSID Investment: A 25% stake in a 34-year concession to build a 1100-kilometre natural gas pipeline, known as the Gasoducto del Sur Peruano (“GSP”) pipeline project.

Summary: Claims arising out of Peru’s cancellation of a concession contract to build a natural gas pipeline.
A 25% stake in a 34-year concession to build a 1100-kilometre natural gas pipeline, known as the Gasoducto del Sur Peruano (“GSP”) pipeline project. Pending Peru Spain Tertiary: F - Construction 42 - Civil engineering Fernández Arroyo, D. P. - President

Jana Linetzky, A. - Claimant

von Wobeser, C. - Respondent
265.00 mln USD Data not available Data not available Pending None None None None None None None
10 2018 Kimberly-Clark v. Venezuela Kimberly-Clark BVBA, Kimberly-Clark Dutch Holdings, B.V., Kimberly-Clark S.L.U. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/18/3) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID AF ICSID Investment: Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products.

Summary: Claims arising out of the Government’s seizure of the claimants’ factory, following the claimants’ decision to suspend business operations in Venezuela.
Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products. Pending Venezuela, Bolivarian Republic of Belgium

Netherlands

Spain
Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Schill, S. - President (replaced)

Haigh, D. - Claimant

Stern, B. - Respondent

Kaufmann-Kohler, G. - President
Data not available Data not available Data not available Pending None None None None None None None
11 2018 Sacyr v. Panama Sacyr S.A. v. Republic of Panama (ICSID Case No. UNCT/18/6) Panama - Spain BIT (1997) UNCITRAL ICSID Investment: 41.6% share in Grupo Unidos por el Canal (GUPC), the consortium in charge of the design and construction of the third set of locks within the Panama Canal expansion project.

Summary: Claims arising out of the Panama Canal Authority’s (ACP) alleged breaches of the contract signed with the GUPC consortium led by the claimant for the construction of the third set of locks of the Panama Canal, including ACP’s alleged failure to co-finance extra costs incurred by the consortium.
41.6% share in Grupo Unidos por el Canal (GUPC), the consortium in charge of the design and construction of the third set of locks within the Panama Canal expansion project. Pending Panama Spain Tertiary: F - Construction 42 - Civil engineering Beechey, J. - President

Grigera Naón, H. A. - Claimant

Douglas, Z. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
12 2018 Telefónica v. Colombia Telefónica, S.A. v. Republic of Colombia (ICSID Case No. ARB/18/3) Colombia - Spain BIT (2005) ICSID ICSID Investment: Ownership of a local subsidiary Coltel that held concessions for the provision of mobile telecommunications services.

Summary: Claims arising out of the Government’s order that certain telecommunication assets be reverted to State control upon the expiry of the mobile concession contracts.
Ownership of a local subsidiary Coltel that held concessions for the provision of mobile telecommunications services. Pending Colombia Spain Tertiary: J - Information and communication 61 - Telecommunications Nunes Pinto, J. E. - President

Grigera Naón, H. A. - Claimant

Derains, Y. - Respondent
394.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending None None None None None None None
13 2018 Trapote v. Venezuela Fernando Fraiz Trapote v. Bolivarian Republic of Venezuela (PCA Case No. 2019-11) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Investments in LaTele Televisión C.A., Sistemas Cablevisión C.A. and Publicidad Vepaco C.A., providing telecommunications, internet and advertising services.

Summary: Claims arising out of a series of measures by the Government which allegedly resulted in the expropriation of the claimant’s assets and businesses.
Investments in LaTele Televisión C.A., Sistemas Cablevisión C.A. and Publicidad Vepaco C.A., providing telecommunications, internet and advertising services. Pending Venezuela, Bolivarian Republic of Spain Tertiary: J - Information and communication

Tertiary: M - Professional, scientific and technical activities
61 - Telecommunications

73 - Advertising and market research
Name not available - President

Garibaldi, O. M. - Claimant (replaced)

Vinuesa, R. E. - Respondent

Name not available - Claimant
800.00 mln USD Data not available Data not available Pending None None None None None None None
14 2017 Cementos v. Cuba El Salado de Cementos SL v. Republic of Cuba Cuba - Spain BIT (1994) ICC ICC Investment:

Summary:
Decided in favour of State Cuba Spain Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Name not available - President

Name not available - Claimant

Name not available - Respondent
Data not available Data not available Data not available None - jurisdiction declined Award dated July 2018 None None None None None None
15 2017 Gas Natural v. Colombia Gas Natural Fenosa Electricidad Colombia S.L. and Gas Natural SDG S.A. v. Republic of Colombia (ICSID Case No. UNCT/18/1) Colombia - Spain BIT (2005) UNCITRAL ICSID Investment: Majority shareholding (85 per cent) in Electricaribe, a local electricity provider.

Summary: Claims arising out of the Government’s decision to seize and liquidate Electricaribe and other alleged actions, such as the harassment of the investor and its employees.
Majority shareholding (85 per cent) in Electricaribe, a local electricity provider. Pending Colombia Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Drymer, S. L. - President

Schwartz, E. - Claimant

Mourre, A. - Respondent
1626.00 mln USD Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending None None None None None None None
16 2017 Iberdrola Energía v. Guatemala (II) Iberdrola Energía, S.A. v. The Republic of Guatemala (II) (PCA Case No. 2017-41) Guatemala - Spain BIT (2002) UNCITRAL PCA Investment: Majority shareholding and operator of Empresa Eléctrica de Guatemala, a local electricity distribution company that held rights under certain authorization agreement for distribution of electricity in the departments of Guatemala, Sacatepéquez and Escuintla, for a period of 50 years.

Summary: Claims arising out of Guatemala’s electricity regulator decision to set tariffs for the electricity company in which the claimant had an investment based on an independently commissioned technical study rather than on a study commissioned by the electricity company, during the process of review and pricing of electricity distribution tariffs for the five-year period 2008-2013.
Majority shareholding and operator of Empresa Eléctrica de Guatemala, a local electricity distribution company that held rights under certain authorization agreement for distribution of electricity in the departments of Guatemala, Sacatepéquez and Escuintla, for a period of 50 years. Decided in favour of State Guatemala Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kaufmann-Kohler, G. - President

Dupuy, P.-M. - Unknown

Thomas, J. C. - Unknown
Data not available Data not available Data not available None - jurisdiction declined Award dated 24 August 2020 None None None None None None
17 2017 Lidercón v. Peru Lidercón, S.L. v. Republic of Peru (ICSID Case No. ARB/17/9) Peru - Spain BIT (1994) ICSID ICSID Investment: Concession contract with the municipality of Lima for the operation of vehicle inspection centres.

Summary: Claims arising out of a municipality’s alleged non-compliance with a concession contract that grants the claimant an exclusive right to operate vehicle inspection centres in Lima.
Concession contract with the municipality of Lima for the operation of vehicle inspection centres. Decided in favour of State Peru Spain Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 45 - Wholesale and retail trade and repair of motor vehicles and motorcycles Paulsson, J. - President

Gonzalez de Cossio, F. - Claimant

Perezcano Diaz, H. - Respondent
123.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Award dated 6 March 2020 None None None None None None
18 2017 OHL and others v. Kuwait Obrascón Huarte Lain S.A., Rizzani de Eccher S.p.A. and Trevi S.p.A. v. State of Kuwait (ICSID Case No. ARB/17/8) Italy - Kuwait BIT (1987)

Kuwait - Spain BIT (2005)
ICSID ICSID Investment: Investment in a highway construction project.

Summary:
Investment in a highway construction project. Pending Kuwait Spain

Italy
Tertiary: F - Construction 42 - Civil engineering Alexandrov, S. A. - Claimant

Douglas, Z. - Respondent

Bull, C. - President
Data not available Data not available Data not available Pending None None None None None None None
19 2017 Ortiz v. Algeria Ortiz Construcciones y Proyectos S.A. v. People's Democratic Republic of Algeria (ICSID Case No. ARB/17/1) Algeria - Spain BIT (1994) ICSID ICSID Investment: Investments in the construction of social housing units in Algeria.

Summary: Claims arising out of the alleged refusal of Algerian authorities to award investor’s joint venture company procurement contracts for the construction and sale of 5,000 housing units.
Investments in the construction of social housing units in Algeria. Decided in favour of State Algeria Spain Tertiary: F - Construction 41 - Construction of buildings Lévy, L. - President

Fortier, L. Y. - Claimant

Hanotiau, B. - Respondent
46.30 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Award dated 29 April 2020 None None None None None None
20 2017 Pey Casado and others v. Chile “President Allende” Foundation, Victor Pey Casado and Coral Pey Grebe v. Republic of Chile (PCA Case No. 2017-30) Chile - Spain BIT (1991) UNCITRAL PCA Investment: Ownership of the Chilean newspaper enterprises Consorcio Publicitario y Periódico S.A. (CPP) and Empresa Periodística Clarín Ltda. (EPC).

Summary: Claims arising out of the State’s actions following a 2008 judgment of the Santiago court in relation to the confiscation of the Goss printing press, as well as the alleged lack of remedy for the claimants’ deprivation of their property rights in the Chilean newspaper El Clarín.
Ownership of the Chilean newspaper enterprises Consorcio Publicitario y Periódico S.A. (CPP) and Empresa Periodística Clarín Ltda. (EPC). Decided in favour of State Chile Spain Tertiary: J - Information and communication 58 - Publishing activities Ruiz Fabri, H. - Claimant

Drymer, S. L. - Respondent

Hanotiau, B. - President
338.30 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award dated 28 November 2019 None None None None None None
21 2016 Agroinsumos Ibero-Americanos and others v. Venezuela Agroinsumos Ibero-Americanos, S.L., Inica Latinoamericana, S.L., Proyefa Internacional, S.L., Verica Atlántica, S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/16/23) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Majority shareholding in agriculture and food enterprises: Agroisleña, C.A., Sucesora de Enrique Fraga Afonso, Insecticidas Internacionales, C.A., Proyefa, C.A., and Venezolana de Riego, C.A.

Summary: Claims arising out of the Governmental Decree No. 7.700 of 2010 that nationalized all assets of the Agroisleña Group and of associated agriculture and food companies in which the claimants held majority interests. The Government allegedly ordered a series of additional judicial and administrative measures to take control over the companies, including the occupation of company premises, removal of the management boards and appointment of new directors.
Majority shareholding in agriculture and food enterprises: Agroisleña, C.A., Sucesora de Enrique Fraga Afonso, Insecticidas Internacionales, C.A., Proyefa, C.A., and Venezolana de Riego, C.A. Pending Venezuela, Bolivarian Republic of Spain Primary: A - Agriculture, forestry and fishing 1 - Crop and animal production, hunting and related service activities Zuleta, E. - President

Grigera Naón, H. A. - Claimant

Bottini, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
22 2016 Albacora v. Ecuador Albacora S.A. v. Republic of Ecuador (PCA Case No. 2016-11) Ecuador - Spain BIT (1996) UNCITRAL PCA Investment:

Summary: Claims arising out of the Government’s alleged denial of certain tax exemptions to which the claimant considered its company to be entitled as a user of the free economic zone of Posorja (Zona Franca de Posorja) in the Guayas province of Ecuador.
Decided in favour of State Ecuador Spain Primary: A - Agriculture, forestry and fishing

Secondary: C - Manufacturing
3 - Fishing and aquaculture

10 - Manufacture of food products
Anzola, J. E. - President

Nunes Pinto, J. E. - Claimant

Malintoppi, L. - Respondent
56.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Award dated 18 July 2019 None None None None None None
23 2016 García Armas v. Venezuela Luis García Armas v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/16/1) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID AF ICSID Investment: Investments in food products enterprises Frigoríficos Ordaz, S.A.; García Armas Inversiones, S.A.; Koma Inversiones, S.A.; and La Fuente Delicatesses, C.A.

Summary: Claims arising out of the alleged expropriation of the claimant's investments in food products enterprises.
Investments in food products enterprises Frigoríficos Ordaz, S.A.; García Armas Inversiones, S.A.; Koma Inversiones, S.A.; and La Fuente Delicatesses, C.A. Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Nunes Pinto, J. E. - President

Gómez-Pinzón, E. - Claimant

Torres Bernárdez, S. - Respondent
Data not available Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending Decision on Jurisdiction dated 24 July 2020 None None None None None None
24 2015 Abertis v. Argentina Abertis Infraestructuras, S.A. v. Argentine Republic (ICSID Case No. ARB/15/48) Argentina - Spain BIT (1991) ICSID ICSID Investment: Shareholdings in two companies, Grupo Concesionario del Oeste (“GCO”, 48.6 per cent) and Autopista del Sol S.A. (“Ausol”, 31.6 per cent), that hold toll highway concessions.

Summary: Claims arising out of the Government’s decision to freeze tools for highways in 2003, which allegedly adversely affected the economic balance of the concession contracts held by GCO and Ausol.
Shareholdings in two companies, Grupo Concesionario del Oeste (“GCO”, 48.6 per cent) and Autopista del Sol S.A. (“Ausol”, 31.6 per cent), that hold toll highway concessions. Settled Argentina Spain Tertiary: F - Construction 42 - Civil engineering Oreamuno Blanco, R. - President

Debevoise, E. W. - Claimant

Valencia-Ospina, E. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 18 September 2018 None None None None None None
25 2015 Clorox v. Venezuela Clorox Spain S.L. v. Bolivarian Republic of Venezuela (PCA Case No. 2015-30) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Ownership of Corporación Clorox de Venezuela S.A. (“Clorox Venezuela”), a local company engaged in manufacturing of cleaning products.

Summary: Claims arising out of Government measures that allegedly forced Clorox Venezuela to discontinue its operations in the country, and the alleged expropriation of its production facilities and offices after Clorox had announced its plans to exit the country and to sell its assets.
Ownership of Corporación Clorox de Venezuela S.A. (“Clorox Venezuela”), a local company engaged in manufacturing of cleaning products. Decided in favour of State Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Derains, Y. - President

Hanotiau, B. - Claimant

Vinuesa, R. E. - Respondent
184.60 mln USD Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 20 May 2019 None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Decision of the Swiss Federal Tribunal dated 25 March 2020 (French) (Judicial review by national courts) None None
26 2015 García Armas and others v. Venezuela Domingo García Armas, Manuel García Armas, Pedro García Armas and others v. Bolivarian Republic of Venezuela (PCA Case No. 2016-08) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Investments in six locally incorporated companies (Friosa, La Fuente, Koma, Gaisa, La Meseta, Ingahersa).

Summary: Claims arising out of the alleged expropriation of the claimants’ investments in six Venezuelan companies engaged in food distribution and marketing.
Investments in six locally incorporated companies (Friosa, La Fuente, Koma, Gaisa, La Meseta, Ingahersa). Decided in favour of State Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Nunes Pinto, J. E. - President

Gómez-Pinzón, E. - Claimant

Torres Bernárdez, S. - Respondent
Data not available Data not available Data not available None - jurisdiction declined Award on Jurisdiction dated 13 December 2019 None None None None None None
27 2015 MAESSA and SEMI v. Ecuador Mantenimientos, Ayuda a la Explotación y Servicios S.A. and Sociedad Española de Montajes Industriales S.A. (formerly Consorcio GLP) v. Republic of Ecuador Ecuador - Spain BIT (1996) UNCITRAL ICC Investment: Shareholding in Consorcio GLP, which held a contract with the Ecuadorian state-owned oil and gas transport company Flopec for the construction of storage spheres for liquefied petroleum gas at a terminal at the Ecuadorean port of Monteverde.

Summary: Claims arising out of government resolutions that declared Consorcio GLP in default of its obligations under a construction contract.
Shareholding in Consorcio GLP, which held a contract with the Ecuadorian state-owned oil and gas transport company Flopec for the construction of storage spheres for liquefied petroleum gas at a terminal at the Ecuadorean port of Monteverde. Pending Ecuador Spain Tertiary: F - Construction 42 - Civil engineering Data not available 50.00 mln USD Data not available Data not available Pending Award on Jurisdiction dated 21 December 2018 None Judicial review by national courts Pending (Judicial review by national courts) None None None
28 2014 Iberdrola v. Bolivia Iberdrola, S.A. and Iberdrola Energía, S.A.U. v. Plurinational State of Bolivia Bolivia, Plurinational State of - Spain BIT (2001) UNCITRAL PCA Investment: Shareholding of 63.4 per cent in a Bolivian enterprise (Iberbolivia) which was the majority shareholder in four Bolivian electricity companies (Electropaz, ELFEO, CADEB and EDESER).

Summary: Claims arising out of Bolivia’s Supreme Decree No. 1448 of 2012, which ordered the nationalization of claimants’ (indirectly-held) shares in four electricity companies.
Shareholding of 63.4 per cent in a Bolivian enterprise (Iberbolivia) which was the majority shareholder in four Bolivian electricity companies (Electropaz, ELFEO, CADEB and EDESER). Settled Bolivia, Plurinational State of Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Sepúlveda Amor, B. - President

García-Valdecasas, R. - Claimant

Bottini, G. - Respondent
Data not available 34.18 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability None None None None None None None
29 2014 Red Eléctrica v. Bolivia Red Eléctrica Internacional S.A.U. v. Plurinational State of Bolivia Bolivia, Plurinational State of - Spain BIT (2001) UNCITRAL Data not available Investment: Ownership and control (99 per cent shareholding) of Transportadora de Electricidad S.A. (TDE), a Bolivian electricity company.

Summary: Claims arising out of the Government's issuance of Supreme Decree No. 1214 that seized and nationalized an electricity transmission company controlled by the claimant.
Ownership and control (99 per cent shareholding) of Transportadora de Electricidad S.A. (TDE), a Bolivian electricity company. Settled Bolivia, Plurinational State of Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tribunal not constituted 200.00 mln USD 36.50 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Settlement Agreement dated 13 November 2014 None None None None None None
30 2014 Unión Fenosa v. Egypt Unión Fenosa Gas, S.A. v. Arab Republic of Egypt (ICSID Case No. ARB/14/4) Egypt - Spain BIT (1992) ICSID ICSID Investment: Majority shareholding (80 per cent) in SEGAS, an Egyptian company that operated the Damietta liquefied natural gas plant in the port of Damietta.

Summary: Claims arising out of the alleged suspension of gas supplies by an Egyptian State-owned enterprise to the claimant's liquefied natural gas plant in contravention of the gas purchase agreement.
Majority shareholding (80 per cent) in SEGAS, an Egyptian company that operated the Damietta liquefied natural gas plant in the port of Damietta. Decided in favour of investor Egypt Spain Primary: B - Mining and quarrying 9 - Mining support service activities Veeder, V. V. - President

Rowley, J. W. - Claimant

Clodfelter, M. A. - Respondent
3219.50 mln USD 2013.10 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 31 August 2018 Dissenting Opinion of Mark Clodfelter ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Jana Linetzky, A. - President

Sepúlveda Amor, B. - Member

Hanefeld, I. - Member
31 2013 Cementos La Union v. Egypt Cementos La Union S.A. and Aridos Jativa S.L.U v. Arab Republic of Egypt (ICSID Case No. ARB/13/29) Egypt - Spain BIT (1992) ICSID ICSID Investment: Majority shareholding (60 per cent) in the cement manufacturing company Arabian Cement Company that had concluded the construction of a cement production facility in Suez.

Summary: Claims arising out of the alleged overpricing by the Government of an operating license for a cement manufacturing plant, and the application of an allegedly uncommon system of granting the licenses through tenders.
Majority shareholding (60 per cent) in the cement manufacturing company Arabian Cement Company that had concluded the construction of a cement production facility in Suez. Decided in favour of neither party (liability found but no damages awarded) Egypt Spain Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Söderlund, C. - President

Brower, C. N. - Claimant

Sands, P. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Other Award dated 30 October 2020 Concurring and Dissenting Opinion by Charles N. Brower ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
32 2013 Cemusa v. Mexico Cemusa - Corporación Europea de Mobiliario Urbano, S.A. and Corporación Americana de Equipamientos Urbanos, S.L. v. United Mexican States (ICSID Case No. ARB(AF)/13/2) Mexico - Spain BIT (2006) ICSID AF ICSID Investment: Rights under a concession held by claimants' locally-incorporated company Eumex to provide the city of Guadalajara with bus stops and other street furniture containing advertising space.

Summary: Claims arising out of the annulment of claimants' street furnishing concession by an administrative court in the Mexican state of Jalisco and its transfer to another street furnishing company, allegedly in contravention of claimants' rights under the concession.
Rights under a concession held by claimants' locally-incorporated company Eumex to provide the city of Guadalajara with bus stops and other street furniture containing advertising space. Discontinued Mexico Spain Tertiary: M - Professional, scientific and technical activities 73 - Advertising and market research Name not available - President

Grigera Naón, H. A. - Claimant

Bottini, G. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Acting Secretary-General dated 18 August 2014, pursuant to Article 51 of the Arbitration (Additional Facility) Rules None None None None None None
33 2013 Exeteco v. Peru Exeteco International Company S.L. v. Republic of Peru Peru - Spain BIT (1994) UNCITRAL None Investment: Concession for the construction and management of a prison.

Summary: Claims arising out of cancellation of a concession to construct and manage a private prison that had been granted to a group of enterprises which included the claimant.
Concession for the construction and management of a prison. Discontinued Peru Spain Tertiary: F - Construction

Tertiary: O - Public administration and defence; compulsory social security
41 - Construction of buildings

84 - Public administration and defence; compulsory social security
Derains, Y. - President

Perezcano Diaz, H. - Unknown

Martinez, S. L. - Unknown
50.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Award on Discontinuation of Proceedings dated 8 October 2018 None None None None None None
34 2013 Valores Mundiales and Consorcio Andino v. Venezuela Valores Mundiales, S.L. and Consorcio Andino S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/13/11) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Ownership of two local cornflour and tortillas production companies, Monaca and Demaseca.

Summary: Claims arising out of the Government's issuance of a decree that expropriated claimants' tortilla and corn flour production businesses in Venezuela.
Ownership of two local cornflour and tortillas production companies, Monaca and Demaseca. Decided in favour of investor Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Zuleta, E. - President

Grigera Naón, H. A. - Claimant

Derains, Y. - Respondent
Data not available 430.40 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Transfer of funds
Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 1 October 2014

Award dated 25 July 2017
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Radicati di Brozolo, L. - President

De Quadros, F. - Member

Moreno Rodríguez, J. A. - Member

Jiménez Figueres, D. - Member (replaced)
35 2012 García Armas and García Gruber v. Venezuela Serafín García Armas and Karina García Gruber v. The Bolivarian Republic of Venezuela (PCA Case No. 2013-3) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Shareholding in the Venezuelan food companies Alimentos Frisa, C.A. and Transporte Dole, C.A.

Summary: Claims arising out of Government authorities’ alleged administrative takeover, occupation and confiscation of goods of two companies in which the claimants had invested.
Shareholding in the Venezuelan food companies Alimentos Frisa, C.A. and Transporte Dole, C.A. Decided in favour of investor Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Grebler, E. - President

Tawil, G. S. - Claimant

Oreamuno Blanco, R. - Respondent
Data not available 214.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction dated 15 December 2014

Final Award dated 26 April 2019

Decision on Revision dated 26 April 2019
Dissenting Opinion of the arbitrator R. Oreamuno Blanco on one aspect of the basis for the decision (Decision on Jurisdiction) Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Decision of the Paris Court of Appeal dated 25 April 2017 (Judicial review by national courts)

Judgment of the French Court of Cassation dated 13 February 2019 (Judicial review by national courts)

Judgment of Paris Court of Appeal dated 3 June 2020 (French) (Judicial review by national courts)
None None
36 2012 Grupo Francisco v. Equatorial Guinea Grupo Francisco Hernando Contreras v. Republic of Equatorial Guinea (ICSID Case No. ARB(AF)/12/2) Equatorial Guinea - Spain BIT (2003) ICSID AF ICSID Investment: Rights under an agreement for the construction of housing and sports facilities in Malabo.

Summary: Claims arising out of the termination of a project for the construction of housing and sports facilities in Equatorial Guinea.
Rights under an agreement for the construction of housing and sports facilities in Malabo. Decided in favour of State Equatorial Guinea Spain Tertiary: F - Construction 41 - Construction of buildings Sepúlveda Amor, B. - President

Orrego Vicuña, F. - Claimant

Vinuesa, R. E. - Respondent
450.00 mln EUR (600.00 mln USD) Data not available Data not available None - jurisdiction declined Award dated 4 December 2015 Dissenting Opinion None None None None None
37 2012 Isolux v. Peru Isolux Corsán Concesiones S.A. v. Republic of Peru, ICSID Case No. ARB/12/5 Peru - Spain BIT (1994) ICSID ICSID Investment: Rights under two concession agreements to build an electrical transmission line in Peru.

Summary: Claims arising out of the modification of tender rules by Peru concerning the construction of an electrical transmission line allegedly designed to prevent further participation by the claimant after it had initially qualified, by requiring Isolux a higher bank guarantee as opposed to that required from other bidders.
Rights under two concession agreements to build an electrical transmission line in Peru. Settled Peru Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Perezcano Diaz, H. - President

Mourre, A. - Claimant

Grigera Naón, H. A. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Award embodying the parties' settlement agreement dated 25 March 2014 None None None None None None
38 2012 Repsol v. Argentina Repsol, S.A. and Repsol Butano, S.A. v. Argentine Republic (ICSID Case No. ARB/12/38) Argentina - Spain BIT (1991) ICSID ICSID Investment: Majority shareholding in the Argentinean oil company YPF.

Summary: Claims arising out of the issuance of Law no. 660/2012 and decree 660/2010 that expropriated Repsol's 51 per cent shareholding in an Argentinean oil company.
Majority shareholding in the Argentinean oil company YPF. Settled Argentina Spain Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas von Wobeser, C. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
10500.00 mln USD 5000.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Settlement Agreement dated 20 March 2014

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 19 May 2014, pursuant to ICSID Arbitration Rule 44
None None None None None None
39 2012 Supervision v. Costa Rica Supervision y Control S.A. v. Republic of Costa Rica (ICSID Case No. ARB/12/4) Costa Rica - Spain BIT (1997) ICSID ICSID Investment: Shareholding in a Costa Rican joint venture, Riteve SyC, that held rights under a 10-year concession agreement to build and operate motor vehicle inspection facilities in Costa Rica.

Summary: Claims arising out of the decision by Costa Rica’s ministry of public works and transport not to effect annual increases to the rates for vehicle inspection services as allegedly required by the concession agreement at issue.
Shareholding in a Costa Rican joint venture, Riteve SyC, that held rights under a 10-year concession agreement to build and operate motor vehicle inspection facilities in Costa Rica. Decided in favour of State Costa Rica Spain Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities von Wobeser, C. - President

Klock, J. P. - Claimant

Silva Romero, E. - Respondent
297.90 mln EUR (317.50 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Most-favoured nation treatment
None - jurisdiction declined Award dated 18 January 2017 Dissenting Opinion of Joseph P. Klock None None None None None
40 2012 Telefónica v. Mexico Telefónica S.A. v. United Mexican States (ICSID Case No. ARB(AF)/12/4) Mexico - Spain BIT (2006) ICSID AF ICSID Investment: Ownership of seven Mexican telecommunications subsidiaries, including their assets, contracts, concessions, permits and authorizations.

Summary: Claims arising out a series of measures adopted by Mexican authorities allegedly aimed at settling disagreements among telecommunications operators in the country, including the issuance of a resolution by the regulatory authority Cofetel requiring all telecoms operators to reduce their interconnection tariffs.
Ownership of seven Mexican telecommunications subsidiaries, including their assets, contracts, concessions, permits and authorizations. Settled Mexico Spain Tertiary: J - Information and communication 61 - Telecommunications Zuleta, E. - President

Grigera Naón, H. A. - Claimant

Ramírez Hernández, R. - Respondent
14737.00 mln MXN (1060.00 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Most-favoured nation treatment

Transfer of funds

Other
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to Article 49(1) of the Arbitration (Additional Facility) Rules dated 20 February 2018 None None None None None None
41 2012 Ternium v. Venezuela Ternium S.A. and Consorcio Siderurgia Amazonia S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/19) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
ICSID ICSID Investment: Majority shareholding in Sidor, a Venezuelan steel manufacturing plant.

Summary: Claims arising out of an alleged outstanding amount of compensation owed under certain settlement agreement for the nationalization of claimants' stake in a Venezuelan steel production company.
Majority shareholding in Sidor, a Venezuelan steel manufacturing plant. Discontinued Venezuela, Bolivarian Republic of Spain

Luxembourg
Secondary: C - Manufacturing 24 - Manufacture of basic metals Tribunal not constituted 130.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General dated 29 November 2012, pursuant to ICSID Arbitration Rule 44 None None None None None None
42 2012 Valle Verde v. Venezuela Valle Verde Sociedad Financiera S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/18) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Shareholding in a Venezuelan lending and savings bank.

Summary: Claims arising out of the expropriation of Casa Propia Entidad de Ahorro y Préstamo, a Venezuelan financial institution in which the claimant had invested, due to alleged illegal banking practices.
Shareholding in a Venezuelan lending and savings bank. Discontinued Venezuela, Bolivarian Republic of Spain Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Barros Bourie, E. - President

Ferrari, F. - Claimant

Vinuesa, R. E. - Respondent
100.00 mln USD Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause
Not applicable - settled or discontinued before decision on liability Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 8 August 2014

Order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 27 April 2018
None None None None None None
43 2011 Abertis v. Bolivia Abertis Infraestructuras S.A. v. Government of Bolivia (PCA Case No. 2011-14) Bolivia, Plurinational State of - Spain BIT (2001) UNCITRAL PCA Investment: Controlling interest in three Bolivian airports (Santa Cruz, La Paz and Cochabamba) through a concession company in which claimant held a 90 per cent shareholding; related capital contributions.

Summary: Claims arising out of allegations that Bolivia breached the regime applicable to tariffs for boarding and landing services under certain airport concession agreement since it froze these tariffs in 2003 and later reduced them in 2005. The Government later nationalized SABSA, claimant's airport subsidiary in Bolivia after the arbitration was initiated and disagreements between the parties on appropriate compensation arose.
Controlling interest in three Bolivian airports (Santa Cruz, La Paz and Cochabamba) through a concession company in which claimant held a 90 per cent shareholding; related capital contributions. Settled Bolivia, Plurinational State of Spain Tertiary: H - Transportation and storage 51 - Air transport Mourre, A. - President (replaced)

Grigera Naón, H. A. - Claimant

Verhoosel, G. - Claimant (replaced)

Oreamuno Blanco, R. - Respondent

Perezcano Diaz, H. - President
85.50 mln USD 23.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
44 2011 Gamesa v. Syria Gamesa Eólica, S.L.U. v. Syrian Arab Republic Spain - Syrian Arab Republic BIT (2003) UNCITRAL PCA Investment: Investments in the Qatineh wind farm project near the city of Homs.

Summary: Claims arising out of the Government’s alleged call upon a bank guarantee posted by the claimant in relation to a project to build a wind farm in Syria as part of tender documentation. The claimant won the tender, but has not continued with the project due to the outbreak of civil conflict in Syria, and the subsequent imposition of sanctions by the European Union.
Investments in the Qatineh wind farm project near the city of Homs. Decided in favour of investor Syrian Arab Republic Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Fortier, L. Y. - President

Wallgren-Lindholm, C. - Claimant

Kemicha, F. - Respondent
Data not available 4.70 mln EUR (6.30 mln USD) Data not available Data not available Award dated 5 February 2014 None None None None None None
45 2010 Universal Compression v. Venezuela Universal Compression International Holdings, S.L.U. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/9) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Natural gas compression services and products to the natural gas Venezuelan industry, including personnel, equipment, tools, materials, and supplies necessary for gas compression.

Summary: Claims arising out of the Government's nationalization of claimant's assets, operations and personnel, including over fifty gas compression and power-generation facilities in Venezuela.
Natural gas compression services and products to the natural gas Venezuelan industry, including personnel, equipment, tools, materials, and supplies necessary for gas compression. Settled Venezuela, Bolivarian Republic of Spain Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Rowley, J. W. - President

Tawil, G. S. - Claimant

Stern, B. - Respondent
1200.00 mln USD 442.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Order of the Tribunal Suspending the Proceeding dated 16 September 2013

Order of the tribunal taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 3 January 2019
None None None None None None
46 2009 Abengoa v. Mexico Abengoa, S.A. y COFIDES, S.A. v. United Mexican States (ICSID Case No. ARB(AF)/09/2) Mexico - Spain BIT (2006) ICSID AF ICSID Investment: Construction of a hazardous waste landfill and treatment plant under authorizations and permits granted to claimants' investment vehicle company by a Mexican municipality.

Summary: Claims arising out of the stalled opening of a hazardous waste landfill and treatment plant built by the claimants in the Mexican state of Hidalgo, due to several alleged acts by the municipality of Zimapán and certain federal authorities, including Mexico's Ministry of the Environment and Natural Resources and the Ministry of the Interior.
Construction of a hazardous waste landfill and treatment plant under authorizations and permits granted to claimants' investment vehicle company by a Mexican municipality. Decided in favour of investor Mexico Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities 38 - Waste collection, treatment and disposal activities; materials recovery Mourre, A. - President

Fernández-Armesto, J. - Claimant

Siqueiros, E. - Respondent
846.40 mln MXN (70.00 mln USD) 491.80 mln MXN (40.30 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 18 April 2013 None None None None None None
47 2009 Iberdrola Energía v. Guatemala (I) Iberdrola Energía, S.A. v. Republic of Guatemala (I) (ICSID Case No. ARB/09/5) Guatemala - Spain BIT (2002) ICSID ICSID Investment: Majority shareholding and operator of Empresa Eléctrica de Guatemala, a local electricity distribution company that held rights under certain authorization agreement for distribution of electricity in the departments of Guatemala, Sacatepéquez and Escuintla, for a period of 50 years.

Summary: Claims arising out of Guatemala’s electricity regulator decision to set tariffs for the electricity company in which the claimant had an investment based on an independently commissioned technical study rather than on a study commissioned by the electricity company, during the process of review and pricing of electricity distribution tariffs for the five-year period 2008-2013.
Majority shareholding and operator of Empresa Eléctrica de Guatemala, a local electricity distribution company that held rights under certain authorization agreement for distribution of electricity in the departments of Guatemala, Sacatepéquez and Escuintla, for a period of 50 years. Decided in favour of State Guatemala Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Zuleta, E. - President

Derains, Y. - Claimant

Oreamuno Blanco, R. - Respondent
188.00 mln USD Data not available Indirect expropriation

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
None - all claims dismissed at the merits stage Award dated 17 August 2012 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on annulment dated 13 January 2015 (ICSID annulment proceedings) None Barros Bourie, E. - President

Bernardini, P. - Member

Shaw, J. L. - Member
48 2009 Teinver and others v. Argentina Autobuses Urbanos del Sur S.A., Teinver S.A. and Transportes de Cercanías S.A. v. Argentine Republic (ICSID Case No. ARB/09/1) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect shareholding in two Argentinean airlines.

Summary: Claims arising out of the Government's alleged re-nationalization and taking of other measures regarding claimants' investments in two Argentine airlines, Aerolíneas Argentinas S.A. and Austral-Cielos del Sur S.A., and subsequent disagreements between the parties as to the remedy due to claimants for the expropriation of their shares in those airlines.
Indirect shareholding in two Argentinean airlines. Decided in favour of investor Argentina Spain Tertiary: H - Transportation and storage 51 - Air transport Buergenthal, T. - President

Álvarez, H. C. - Claimant

Hossain, K. - Respondent
1590.00 mln USD 320.80 mln USD Direct expropriation

Indirect expropriation

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
Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction dated 21 December 2012

Award dated 21 July 2017
Separate Opinion of Dr. Kamal Hossain (Decision on Jurisdiction)

Dissenting Opinion of Kamal Hossain
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 29 May 2019 (ICSID annulment proceedings) None Mourre, A. - President

Cantuarias Salaverry, F. - Member

Ramírez Hernández, R. - Member
49 2007 Renta 4 S.V.S.A and others v. Russia Quasar de Valores SICAV S.A., Orgor de Valores SICAV S.A., GBI 9000 SICAV S.A. and ALOS 34 S.L. v. The Russian Federation (SCC Case No. 24/2007) Russian Federation - Spain BIT (1990) SCC SCC Investment: Ownership of Yukos American Depository Receipts, related to the value of Russian-incorporated Yukos Oil Company.

Summary: Claims arising out of a series of actions undertaken by the respondent against Yukos Oil Company, including arrests, large tax assessments and liens, and the auction of the main Yukos facilities, among others, which allegedly led to the bankruptcy of the company and eliminated all value of claimants' American Depository Receipts in Yukos.
Ownership of Yukos American Depository Receipts, related to the value of Russian-incorporated Yukos Oil Company. Decided in favour of investor Russian Federation Spain Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Paulsson, J. - President

Brower, C. N. - Claimant

Landau, T. - Respondent
2.60 mln USD 2.00 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment
Direct expropriation Award on Preliminary Objections dated 20 March 2009

Award dated 20 July 2012
Separate Opinion of Charles N. Brower (Award on Preliminary Objections) Judicial review by national courts

Judicial review by national courts
Award/decision upheld (Judicial review by national courts)

Award/decision set aside in its entirety (Judicial review by national courts)
Ruling of the Stockholm District Court dated 11 September 2014 (Judicial review by national courts)

Judgment of the Svea Court of Appeal dated 18 January 2016 (Judicial review by national courts)
None None
50 2007 Urbaser and CABB v. Argentina Urbaser S.A. and Consorcio de Aguas Bilbao Biskaia, Bilbao Biskaia Ur Partzuergoa v. Argentine Republic (ICSID Case No. ARB/07/26) Argentina - Spain BIT (1991) ICSID ICSID Investment: Direct and indirect minority shareholding in an Argentinean vehicle company that held a concession for the provision of a drinking water supply and sewerage services in Buenos Aires.

Summary: Claims arising out of Argentina's alleged interference with the tariff regime applicable to claimant's investment and other alleged breaches of obligations under the relevant concession agreement through the enactment of emergency measures during its 2001-2002 economic crisis.
Direct and indirect minority shareholding in an Argentinean vehicle company that held a concession for the provision of a drinking water supply and sewerage services in Buenos Aires. Decided in favour of neither party (liability found but no damages awarded) Argentina Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Bucher, A. - President

Martínez-Fraga, P. J. - Claimant

McLachlan, C. A. - Respondent

Brownlie, I. - Respondent (replaced)
211.20 mln USD 0.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 19 December 2012

Award dated 8 December 2016
None None None None None None
51 2006 Técnicas Reunidas v. Ecuador Técnicas Reunidas, S.A. and Eurocontrol, S.A. v. Republic of Ecuador (ICSID Case No. ARB/06/17) Ecuador - Spain BIT (1996) ICSID ICSID Investment: Rights under an oil refinery expansion contract.

Summary: Claims arising out of a contract concluded between Ecuador and two engineering and construction companies to upgrade Ecuador's largest oil refinery in the Esmeraldas province in north-west Ecuador, operated by Petroindustriel, a subsidiary of Ecuador's state-run oil company, Petroecuador.
Rights under an oil refinery expansion contract. Settled Ecuador Spain Tertiary: F - Construction 43 - Specialized construction activities Tribunal not constituted 35.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 13 May 2008, pursuant to ICSID Arbitration Rule 44 None None None None None None
52 2004 Vieira v. Chile Sociedad Anónima Eduardo Vieira v. Republic of Chile (ICSID Case No. ARB/04/7) Chile - Spain BIT (1991) ICSID ICSID Investment: Shareholding in local company that had a 'foreign investment contract' with the Chilean government for fishing activities, and that subsequently transferred all its contractual rights as foreign investor to the claimant.

Summary: Claims arising out of Chile's alleged imposition of fishing quota on hake catches off the coast of southern Chile despite earlier licenses that enabled the investor's company to fish in Chilean waters.
Shareholding in local company that had a 'foreign investment contract' with the Chilean government for fishing activities, and that subsequently transferred all its contractual rights as foreign investor to the claimant. Decided in favour of State Chile Spain Primary: A - Agriculture, forestry and fishing 3 - Fishing and aquaculture von Wobeser, C. - President

Czar de Zalduendo, S. B. - Claimant

Reisman, W. M. - Respondent
22.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment
None - jurisdiction declined Award dated 21 August 2007 Dissenting Opinion of Mrs. Susana Czar de Zalduendo (Award) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on the Application for Annulment dated 10 December 2010 (ICSID annulment proceedings) None Söderlund, C. - President

Bernardini, P. - Member

Silva Romero, E. - Member
53 2003 Aguas Cordobesas v. Argentina Aguas Cordobesas, S.A., Suez, and Sociedad General de Aguas de Barcelona, S.A. v. Argentine Republic (ICSID Case No. ARB/03/18) Argentina - Spain BIT (1991)

Argentina - France BIT (1991)
ICSID ICSID Investment: Shareholding in company that had been awarded a water services concession for the city of Córdoba.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the respondent to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments.
Shareholding in company that had been awarded a water services concession for the city of Córdoba. Settled Argentina Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
112.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
54 2003 Gas Natural v. Argentina Gas Natural SDG, S.A. v. Argentine Republic (ICSID Case No. ARB/03/10) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect shareholding in local corporation engaged in the production and distribution of natural gas for the northern parts of the Province of Buenos Aires.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the respondent to stem the country's economic crisis of 2001-2002 which allegedly affected the claimant's investments.
Indirect shareholding in local corporation engaged in the production and distribution of natural gas for the northern parts of the Province of Buenos Aires. Settled Argentina Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Lowenfeld, A. F. - President

Álvarez, H. C. - Claimant

Nikken, P. - Respondent
136.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision of the Tribunal on Preliminary Questions on Jurisdiction dated 17 June 2005

Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 9 July 2018
None None None None None None
55 2003 Inceysa v. El Salvador Inceysa Vallisoletana S.L. v. Republic of El Salvador (ICSID Case No. ARB/03/26) El Salvador - Spain BIT (1995) ICSID ICSID Investment: Rights under a service contract for installation, management and operation of mechanical inspection stations for vehicles, executed under public bid organized by the Salvadorian Ministry of the Environment and Natural Resources.

Summary: Claims arising out of the decision of El Salvador's Ministry of the Environment and Natural Resources not to proceed with a concession contract for the operation of vehicle inspection services, despite previously awarding the concession to the investor.
Rights under a service contract for installation, management and operation of mechanical inspection stations for vehicles, executed under public bid organized by the Salvadorian Ministry of the Environment and Natural Resources. Decided in favour of State El Salvador Spain Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Oreamuno Blanco, R. - President

Landy, B. A. - Claimant

von Wobeser, C. - Respondent
122.00 mln USD Data not available Indirect expropriation None - jurisdiction declined Award dated 2 August 2006 None None None None None None
56 2003 Suez and Vivendi v. Argentina (II) Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A. (formerly Aguas Argentinas, S.A., Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A.) v. Argentine Republic (II) (ICSID Case No. ARB/03/19) Argentina - France BIT (1991)

Argentina - Spain BIT (1991)
ICSID ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities. Decided in favour of investor Argentina France

Spain
Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
834.10 mln USD 383.60 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 3 August 2006

Award dated 9 April 2015
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Argentina’s Application for Annulment dated 5 May 2017 (ICSID annulment proceedings) None Sachs, K. - President

Carmichael, T. A. - Member

Oreamuno Blanco, R. - Member
57 2003 Telefónica v. Argentina Telefónica S.A. v. Argentine Republic (ICSID Case No. ARB/03/20) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect majority shareholding in local company holding a telecom license.

Summary: Claims arising out of the modification of the investor's licensee tariff regime, as a result of the enactment of Argentina's Emergency Law, whereby the free conversion of the Argentine currency into U.S. dollars was eliminated and previous dollar adjustment clauses and indexation clauses based on foreign price indexes became invalid.
Indirect majority shareholding in local company holding a telecom license. Settled Argentina Spain Tertiary: J - Information and communication 61 - Telecommunications Sacerdoti, G. - President

Brower, C. N. - Claimant

Siqueiros, E. - Respondent
2800.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 25 May 2006

Order taking note of the discontinuance issued by the Tribunal dated 24 September 2009, pursuant to ICSID Arbitration Rule 43(1)
None None None None None None
58 2000 Tecmed v. Mexico Técnicas Medioambientales Tecmed v. United Mexican States (ICSID Case No. ARB(AF)/00/2) Mexico - Spain BIT (1995) ICSID AF ICSID Investment: Majority shareholding in local investment vehicle which acquired land, buildings and other assets through a bid procedure to operate a hazardous waste landfill in Mexico.

Summary: Claims arising out of Mexico's alleged non-renewal of a licence necessary to operate a landfill of hazardous industrial waste.
Majority shareholding in local investment vehicle which acquired land, buildings and other assets through a bid procedure to operate a hazardous waste landfill in Mexico. Decided in favour of investor Mexico Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities 38 - Waste collection, treatment and disposal activities; materials recovery Grigera Naón, H. A. - President

Fernández Rozas, J. C. - Claimant

Bernal Verea, C. - Respondent

Aguilar Álvarez, G. - Respondent (replaced)
52.00 mln USD 5.50 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Indirect expropriation Award dated 29 May 2003 None None None None None None
59 1998 Pey Casado and Allende Foundation v. Chile Víctor Pey Casado and President Allende Foundation v. Republic of Chile (ICSID Case No. ARB/98/2) Chile - Spain BIT (1991) ICSID ICSID Investment: Majority shareholding in a Chilean newspaper.

Summary: Claims arising out of the confiscation and eventual expropriation in the 1970s of the newspaper El Clarín, of which Victor Pey Casado and the President Allende Foundation claimed ownership.
Majority shareholding in a Chilean newspaper. Decided in favour of investor Chile Spain Tertiary: J - Information and communication 58 - Publishing activities Lalive, P. - President

Rezek, F. - President (replaced)

Chemloul, M. - Claimant

Bedjaoui, M. - Claimant (replaced)

Gaillard, E. - Respondent

Leoro Franco, G. - Respondent (replaced)

Witker Velásquez, J. - Respondent (replaced)
515.00 mln USD 10.00 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 8 May 2002

Award dated 8 May 2008
None Judicial review by national courts

ICSID annulment proceedings

ICSID resubmission proceedings

ICSID annulment proceedings
Award/decision upheld (Judicial review by national courts)

Award/decision partially annulled (ICSID annulment proceedings)

Neither investor nor the State (liability found but no damages awarded) (ICSID resubmission proceedings)

Award/decision upheld (ICSID annulment proceedings)
Resolution of Spanish Court of First Instance dated 6 March 2013 (Judicial review by national courts)

Decision of Spanish Court on Execution of Award dated 4 July 2013 (Judicial review by national courts)

Decision on the Application for Annulment of the Republic of Chile dated 18 December 2012 (ICSID annulment proceedings)

Decision on Admissibility of the Application for Annulment dated 4 May 2010 (ICSID annulment proceedings)

Decision on Chile's Request for a Stay of Enforcement of the Unannulled Portion of the Award dated 16 May 2013 (ICSID annulment proceedings)

Decision on the Republic of Chile's Request for Supplementation of the Annulment Decision dated 11 September 2013 (ICSID annulment proceedings)

Award dated 13 September 2016 (ICSID resubmission proceedings)

Decision on Annulment dated 8 January 2020 (English) (ICSID annulment proceedings)

Decision on Annulment dated 8 January 2020 (French) (ICSID annulment proceedings)
Concurring Opinion of Nicolas Angelet (English) (Decision on Annulment dated 8 January 2020 (English))

Concurring Opinion of Nicolas Angelet (French) (Decision on Annulment dated 8 January 2020 (French))
Knieper, R. - President

Zhang, Y. - Member

Angelet, N. - Member