Originally from the Journal of Damages in International Arbitration

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The Parties

RENERGY S.à.r.l. (Claimant or RENERGY) 

Kingdom of Spain (Respondent or Spain)

Sector

Renewable Energy, Wind Energy, Solar Energy

Applicable Treaty

Energy Charter Treaty (ECT) 

Members of the Tribunal

Judge Bruno Simma (president), Prof. Christoph H. Schreuer (Claimant’s appointee) and Prof. Philippe J. Sands (Respondent’s appointee) 

I. BACKGROUND

On November 6, 2007, Claimant acquired a 50 percent indirect shareholding interest in three wind farms in Spain.  After indirectly owning the wind farms for more than 10 years, on December 21, 2017, Claimant transferred its indirect 50 percent equity interest in the wind farms for a price of €9 million; it contractually agreed to retain its rights to any ECT claims and actions against Spain.