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Final Award, 21 January 2016 [Hereinafter, Charanne V

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Final Award, 21 January 2016 [Hereinafter, Charanne V Case 1:17-cv-03808-LAK Document 3-1 Filed 05/19/17 Page 3 of 167 INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES In the arbitration proceeding between EISER INFRASTRUCTURE LIMITED AND ENERGIA SOLAR LUXEMBOURG S.À R.I. Claimants and KINGDOM OF SPAIN Respondent ICSID Case No. ARB/13/36 AWARD Members of the Tribunal Professor John R. Crook, President Dr. Stanimir A. Alexandrov, Arbitrator Professor Campbell McLachlan QC, Arbitrator Secretary of the Tribunal Ms. Luisa Fernanda Torres Date of dispatch to the Parties: 4 May 2017 Case 1:17-cv-03808-LAK Document 3-1 Filed 05/19/17 Page 4 of 167 REPRESENTATION OF THE PARTIES Representing Claimants: Representing Respondent: Ms. Judith Gill QC Mr. Diego Santacruz Mr. Jeffrey Sullivan Mr. Javier Torres Ms. Marie Stoyanov Mr. Antolín Fernández Ms. Virginia Allan Ms. Mónica Moraleda Mr. Ignacio Madalena Ms. Elena Oñoro Ms. Lauren Lindsay Ms. Amaia Rivas Ms. Naomi Briercliffe Mr. José Luis Gómara Mr. Tomasz Hara Mr. Álvaro Navas Ms. Lucy Judge Ms. Ana María Rodríguez Ms. Stephanie Hawes Abogacía General del Estado Allen & Overy LLP Ministry of Justice of the Government of Spain One Bishops Square Calle Ayala 5 London E1 6AD 28001, Madrid United Kingdom Spain i Case 1:17-cv-03808-LAK Document 3-1 Filed 05/19/17 Page 5 of 167 TABLE OF CONTENTS INTRODUCTION AND PARTIES ...................................................................................... 1 PROCEDURAL HISTORY................................................................................................... 1 Registration and Constitution of the Tribunal................................................................ 1 The First Session ............................................................................................................ 2 The Parties’ Written Submissions and Procedural Applications.................................... 3 The Non-Disputing Party Applications........................................................................ 11 The Oral Procedure ...................................................................................................... 14 The Post-Hearing Procedure ........................................................................................ 17 FACTUAL BACKGROUND.............................................................................................. 19 Overview ...................................................................................................................... 19 The Energy Charter Treaty........................................................................................... 20 Spain’s Policies Favoring Renewable Energy and Royal Decree 661/2007................ 21 The Claimants and Their Decision to Invest ................................................................ 29 The Disputed Measures ................................................................................................ 41 SUMMARY OF THE PARTIES’ CLAIMS AND REQUESTS FOR RELIEF ................. 45 JURISDICTION .................................................................................................................. 48 First Objection: The Intra-EU Objection...................................................................... 48 The Parties’ Positions ........................................................................................... 48 a. Respondent’s Position ................................................................................... 48 b. Claimants’ Position ....................................................................................... 52 The Tribunal’s Analysis........................................................................................ 54 Second Objection: Failure to Prove that the Investors Have Made an Investment “In the Objective Sense” in Conformity with the ECT and the ICSID Convention .......... 65 The Parties’ Positions ........................................................................................... 65 a. Respondent’s Position ................................................................................... 65 b. Claimants’ Position ....................................................................................... 68 The Tribunal’s Analysis........................................................................................ 70 Third Objection: No Shareholder Claims.................................................................... 72 The Parties’ Positions ........................................................................................... 73 a. Respondent’s Position ................................................................................... 73 b. Claimants’ Position ....................................................................................... 75 The Tribunal’s Analysis........................................................................................ 76 ii Case 1:17-cv-03808-LAK Document 3-1 Filed 05/19/17 Page 6 of 167 Fourth Objection: No Jurisdiction over Taxation Measures ....................................... 77 The Parties’ Positions ........................................................................................... 77 a. Respondent’s Position ................................................................................... 77 b. Claimants’ Position ....................................................................................... 80 The Tribunal’s Analysis........................................................................................ 82 Fifth Objection: Failure to Refer to the Competent Tax Authorities .......................... 84 The Parties’ Positions ........................................................................................... 84 The Tribunal’s Analysis........................................................................................ 86 Sixth Objection: Cooling Off Period............................................................................ 91 Background........................................................................................................... 92 The Parties’ Positions ........................................................................................... 94 a. Respondent’s Position ................................................................................... 94 b. Claimants’ Position ....................................................................................... 95 The Tribunal’s Analysis........................................................................................ 96 LIABILITY.......................................................................................................................... 98 Applicable Law ............................................................................................................ 98 Respondent’s New Defense.......................................................................................... 99 The Parties’ Positions ........................................................................................... 99 a. Respondent’s Position ................................................................................... 99 b. Claimants’ Position ..................................................................................... 101 The Tribunal’s Analysis...................................................................................... 102 The Claims ................................................................................................................. 105 Overview............................................................................................................. 105 The Issue of Judicial Economy........................................................................... 108 The Guarantee of Fair and Equitable Treatment................................................. 109 a. The Parties’ Positions.................................................................................. 109 b. The Tribunal’s Analysis .............................................................................. 111 DAMAGES........................................................................................................................ 134 The Applicable Standard ............................................................................................ 134 What Reparation Is Due? ........................................................................................... 135 The Parties’ Positions ......................................................................................... 136 a. Claimants’ Position ..................................................................................... 136 b. Respondent’s Position ................................................................................. 139 iii Case 1:17-cv-03808-LAK Document 3-1 Filed 05/19/17 Page 7 of 167 The Tribunal’s Analysis ............................................................................................. 141 The Plants’ Operational Life............................................................................... 141 The Tax “Gross-Up” Claim ................................................................................ 145 The Claim for Historic Damages ........................................................................ 147 The Claim for Lost Future Cash Flows............................................................... 147 Interest................................................................................................................. 153 COSTS ..............................................................................................................................
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