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2015
Novenergia v. Spain Novenergia II - Energy & Environment (SCA), SICAR v. Kingdom of Spain (SCC Case No. 063/2015)
Nationality of the parties
Spain
Luxembourg
Summary of matters at issue
Indirect investment in eight photovoltaic plants in Spain, through Novenergia II Energy & Environment España, S.L., a locally-incorporated company.
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.
Economic sector and subsector
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
Arbitral rules and administering institution
SCC (Stockholm Chamber of Commerce)
SCC (Stockholm Chamber of Commerce)
Composition of tribunal
Sidklev, J.
Crivellaro, A.
Sepúlveda Amor, B.
Status/Outcome of original proceedings
Decided in favour of investor
Amount of compensation
61.30 mln EUR (75.90 mln USD)
53.30 mln EUR (66.00 mln USD)
IIA breaches alleged/found
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Full protection and security, or similar

Umbrella clause

Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Follow-on proceedings
Judicial review by national courts
Judicial review by national courts
Pending
None
Link to Italaw's case page
Links to background sources
https://www.iareporter.com/articles/hearings-loom-in-previously-unpublicized-stockholm-energy-charter-treaty-claim-as-another-investor-pursues-icsid-claim/ (requires subscription)
http://www.idae.es/12523922015-adjudicacion-tecnica-especializada-para-arbitrajes
http://www.idae.es/uploads/documentos/documentos_resolucion_14-03-16_e90a6424.pdf
http://www.energycharter.org/what-we-do/dispute-settlement/investment-dispute-settlement-cases/104-novenergia-v-spain/
https://www.ecestaticos.com/file/d88ce7a07265dbf8d809b453b848f239/1514204320-186-881-tribunals-arbitratge.pdf
https://www.iareporter.com/articles/post-achmea-developments-spain-wants-court-to-ask-ecj-to-rule-on-compatibility-of-energy-charter-treaty-with-eu-law-achmea-ruling-also-touted-by-poland-as-reason-for-discontinued-bit-case/ (requires subscription)
https://www.iareporter.com/articles/spain-secures-stay-of-enforcement-of-energy-charter-treaty-award-in-swedish-court/ (requires subscription)
https://www.iareporter.com/articles/with-an-apparent-eye-on-set-aside-spain-unsuccessfully-asks-novenergia-tribunal-for-clarification-on-ect-eu-law-relationship/ (requires subscription)
https://www.iareporter.com/articles/award-in-latest-spain-loss-surfaces-and-scc-tribunal-are-seen-to-have-taken-jurisdiction-over-novenergias-claims-but-give-effect-to-energy-charter-treatys-tax-measures-carve-out/ (requires subscription)
https://www.iareporter.com/articles/on-merits-and-damages-latest-spanish-renewables-award-finds-breach-of-fet-in-radical-departure-from-earlier-regulatory-regime-and-a-dcf-based-valuation-yields-e53m-in-compensation-f/ (requires subscription)
https://www.iareporter.com/articles/analysis-now-that-first-eu-court-has-set-aside-an-intra-eu-bit-award-due-to-achmea-ruling-we-look-at-the-fate-of-three-other-awards/ (requires subscription)