2015
Cube Infrastructure and others v. Spain Cube Infrastructure Fund SICAV and others v. Kingdom of Spain (ICSID Case No. ARB/15/20)
Spain
France

Luxembourg
Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI.
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)
Spigelman, J.
Lowe, V.
Tomuschat, C.
Decided in favour of investor
74.10 mln EUR (83.50 mln USD)
33.70 mln EUR (38.00 mln USD)
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Indirect expropriation

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
van Haersolte-Van Hof, J. J. (President)

Castellanos Howell, A. R. (Member)

Feighery, T. J. (Member)