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Sunday, May 26, 2024

Cuatrecasas secures victory for UK´s Infrared against Spain before ICSID

Cuatrecasas has successfully represented InfraRed Environmental Infrastructure GP Limited against the Kingdom of Spain before ICSID, which has dismissed the application for annulment, making Spain pay a compensation of more than €28 million

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The present case concerns an application for annulment submitted by the Kingdom of Spain of the Award rendered on 2 August 2019 in the ICSID proceedings. The Awards condemned Spain to compensate InfraRed together with a group of British renewable energy investors for €28.2 million (the UK-based company’s claim amounted to €92 million).

The Kingdom of Spain argued that the arbitrators in the initial proceedings had exceeded their powers, conferring protection on investors without clean hands and conferring protection on those who had acted on the basis of deceit and fraud in their investment process. Spain also argued that the Tribunal had indeed “manifestly exceeded its powers by going beyond its jurisdiction” in taking on a case between an EU company and an EU member state, in breach of EU law.

The International Centre for Settlement of Investment Disputes has dismissed application for annulment in its entirety, and now Spain not only has to pay the originally fixed compensation and interest but also all costs of the proceedings, including the fees and expenses of the Committee, the costs of ICSID and 50% of Infrared´s legal fees.

Cuatrecasas represented InfraRed Environmental Infrastructure GP Limited with an Arbitration team made up of partners Alberto Fortún and José Ángel Rueda, counsel Miguel Gómez Jene, senior associate Borja Álvarez Sanz, associates Gustavo Mata and José Ángel Sánchez Villegas, and lawyers Lucía Pérez-Manglano, Ignacio Hernández Suárez and Elisa Salcedo.

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