Skip to main content

Clifford Chance

Clifford Chance


Claim against Spain dismissed, in the first arbitration award regarding changes in the renewable energies remuneration scheme

5 February 2016

  • The award is not favourable to the Investors' position.
  • The Arbitration Tribunal only decided on the legislative changes of 2010 and did not analyse the possible effects or consequences of the amendments made in 2013 and 2014.
  • The decision refers to the photovoltaic sector and does not analyse the impact of changes on other technologies.
  • This is a non-binding precedent which will surely be taken into account by other arbitration tribunals in other pending and potential future claims against Spain.
  • The award provides hints of the elements that should be evidenced in order to consider that Spain's actions constitute breaches of Articles 10 and 13 ECT.
  • There is a dissenting opinion by arbitrator Guido S. Tawil regarding the effective breach by Spain of Article 10 ECT, because of having created legitimate expectations for the Investors as a result of the Special Regime regulated in Spanish Royal Decrees 661/07 and 1578/08.
Download PDF