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Sunday, May 26, 2024

A&O secures arbitration victory for Bridgepoint against Spain

A Cross-border Allen & Overy team advised Bridgepoint on the annulment proceedings that have recently culminated in the decision of the ICSID to dismiss Spain’s application against the award of that provides the claimants with €77 million as a result of Spain’s 2013 renewable energy reform

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In 2020, two affiliates of London-based private equity firm Bridgepoint Advisers applied to a court in Washington, DC, to enforce a €77 million ICSID award against Spain relating to reforms to the country’s incentives regime for wind energy.

The World Bank has confirmed the award of €77 million in favour of Bridepoint, Spain’s fourth highest award for the cut in renewable energy premiums.

The International Centre for Settlement of Investment Disputes (ICSID), the arbitration court of the World Bank, has dismissed the annulment action brought by Spain against the award issued by the same court that obliges it to compensate Bridgepoint with €77 million. This is the fourth major condemnation of Spain for the cuts in renewable energy premiums.

The ad hoc committee dismissed the annulment action filed by Spain alleging that the arbitration tribunal did not have jurisdiction to hear a case between a Member State and a European Union company, lack of reasoning in the award and violation of procedural rules, among other reasons. In the arbitration, Spain was advised by the Abogacía del Estado and Bridgepoint by Allen & Overy.

This decision confirms the arbitration award issued by the ICSID in January 2020, which condemns Spain to pay €77 million in compensation to the investment fund, an amount which, with interest, is currently around €90 million.

The Allen & Overy´s team involved was formed by head of the Litigation/Arbitration Department in Spain and co-managing partner of Allen & Overy Spain Antonio Vazquez-Guillén, together with lawyers Pablo Torres, Lucinda C., Gary Smadja and Tatiana Olazábal Ruiz de Velasco. Other teams included partner Marie Stoyanov (Paris) and senior counsel David Ingle (Washington).

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