Case Report (free download)
Case Report by Cristina Viteri, Editor Diego Luis Alonso Massa
Claimants brought an action for relief against Spain pursuant to Article 10 of the Energy Charter Treaty ('ECT') alleging Spain breached, inter alia, fair and equitable treatment and full protection and security, as well as its obligations under international law in relation to their investment in Spain's renewable energy sector, specifically in photovoltaic installations. The Tribunal declined to accept the Primary Claim establishing that the amendment of the regulatory framework did not constitute a violation of its obligations. The Tribunal upheld the Alternative Claim and found that Spain violated the ECT by not providing the Claimants with the "reasonable rate of return" as promised under the regulatory framework in place when the Claimants made their investments.
FET, legitimate expectations, immutability of the legal framework, reasonable rate of return
Case report provided by International Arbitration Case Law (IACL)
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