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)
Spain
Germany
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.
Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Malintoppi, L.
Grigera Naón, H. A.
Crawford, J. R.
Decided in favour of investor
67.40 mln EUR (77.90 mln USD)
22.00 mln EUR (26.80 mln USD)
Indirect expropriation

Umbrella clause

Full protection and security, or similar

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
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Moura Vicente, D. (President)

Cooper-Rousseau, B. (Member)

Vasani, B. S. (Member)