Summary

1. The Court hereby and in these orders recognises as binding on the respondent the award of the International Centre for Settlement of Investment Disputes dated 11 December 2019 in RREEF Infrastructure (G.P.) Ltd and RREEF Pan-European Infrastructure Two Lux S.à.r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/30) as certified by the Secretary-General on 11 December 2019 (the Award), and pursuant to s 35(4) of the International Arbitration Act 1974 (Cth) judgment be entered in favour of the applicant, Blasket Renewable Investments LLC, against the respondent, the Kingdom of Spain, for the pecuniary obligations imposed by the Award in the sums of:

(a) EUR 58,500,000.00; and

(b) Interest on the amount in order 1(a) at the rate of 2.07% per annum, compounded monthly, from 30 June 2014 to the date of payment of the Award.

2. The Court hereby and in these orders also recognises as binding on the respondent the Decision on Annulment Application of the International Centre for Settlement of Investment Disputes dated 10 June 2022 in RREEF Infrastructure (G.P.) Ltd and RREEF Pan-European Infrastructure Two Lux S.à.r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/30) as certified by the Secretary-General on 10 June 2022 (the Annulment Award), and pursuant to s 35(4) of the International Arbitration Act 1974 (Cth) judgment be entered in favour of the applicant, Blasket Renewable Investments LLC, against the respondent, the Kingdom of Spain, for the pecuniary obligations imposed by the Annulment Award in the sum of GBP 791,385.23.

3. Nothing in these orders shall be construed as derogating from the effect of any law relating to immunity of the respondent from execution.

4. Subject to order 5 below, the respondent pay to the applicant the costs of RREEF Infrastructure (G.P.) Ltd and RREEF Pan-European Infrastructure Two Lux S.à.r.l. in this proceeding up to and including 26 June 2023 and the applicant’s costs of this proceeding from 26 June 2023.

5. The European Commission’s interlocutory application to intervene dated 28 August 2023 be dismissed with costs.

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• ORDERS NSD 2169 of 2019 - BLASKET RENEWABLE INVESTMENTS LLC v KINGDOM OF SPAIN
• ORDERS NSD 365 of 2020 - 9REN HOLDING S.À.R.L v KINGDOM OF SPAIN
• ORDERS NSD 449 of 2020 - BLASKET RENEWABLE INVESTMENTS LLC v KINGDOM OF SPAIN
• ORDERS NSD 415 of 2023 - NEXTERA ENERGY GLOBAL HOLDINGS B.V. and NEXTERA ENERGY SPAIN HOLDINGS B.V. v KINGDOM OF SPAIN
• REASONS FOR JUDGMENT