Summary

Memorandum Opinion

In June 2025, Eurus Energy Holdings Corporation ("Eurus") brought this case to enforce an arbitral award issued on November 14, 2022, by a tribunal of the International Centre for Settlement of Investment Disputes ("ICSID") against the Kingdom of Spain.

Not long after it filed suit, however, Eurus assigned its interest in the arbitral award to Blasket Renewable Investments LLC ("Blasket"). Then, in December 2025, the Kingdom of Spain moved to dismiss Eurus's petition or to stay the case pending the resolution of related proceedings before the D.C. Circuit and the Supreme Court, and Eurus opposed that motion and requested that the Court "enter judgment on [its] award". Finally, in April 2026, Eurus and Blasket moved to substitute Blasket for Eurus as the petitioner in the case and the Kingdom of Spain opposed that motion, arguing that "no relevant interest ha[d] been or could be validly 'transferred' to Blasket". Both motions are now fully briefed and ripe for decision. In addition, the European Commission has filed an amicus brief in support of the Kingdom of Spain.

For the reasons explained below, the Court will GRANT the motion to substitute Blasket for Eurus, will DENY the Kingdom of Spain's motion to dismiss or to stay the case, and will ENTER judgment on the award in Blasket's favor in the full amount specified in the award, and as further specified in the ICSID Tribunal's Decision on Rectification.