Spain Gets €128M Award To Renewables Investors Nixed

Law360 (June 12, 2020, 4:37 PM EDT) -- The International Centre for Settlement of Investment Disputes has unanimously annulled a €128 million ($144 million) arbitral award issued against Spain to a pair of renewable energy investors, concluding that the investors' appointed arbitrator had a conflict of interest.

The ad hoc committee found on Thursday that arbitrator Stanimir A. Alexandrov's undisclosed business relationship with the claimants' experts, The Brattle Group, which provides expert opinions on damages, had been improper. This is the first time that ICSID has set aside an award because the panel was improperly constituted, one of just five grounds on which ICSID awards can be annulled, according...

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