Divided Tribunal Orders Spain To Pay $29.3M For Breach Of Energy Charter Treaty

Mealey's (October 1, 2019, 8:34 AM EDT) -- WASHINGTON, D.C. — An International Centre for Settlement of Investment Disputes (ICSID) tribunal, in an award and dissent opinion both published on Sept. 23, found that it had jurisdiction over some of the claims brought by two companies that invested in solar facilities in Spain but ruled 2-1 that Spain violated Article 10 of the Energy Charter Treaty (ECT) when it instituted royal decrees to address a tariff deficit that affected investors’ rate of return (OperaFund Eco-Invest SICAV PLC, et al. v. Kingdom of Spain, No. ARB/15/36, ICSID)....