The PV Investors v. The Kingdom of Spain

The PCA served as registry and provided administrative support in this arbitration, which was conducted under the UNCITRAL Arbitration Rules of 2010.

Case information

Name(s) of Claimant(s) Mercurio Solar S.à r.l (Private entity )
Tyche Solar S.à r.l (Private entity )
Ampere Equity Fund B.V. (Private entity )
Element Power Holdings B.V. (Private entity )
MEIF Luxembourg Renewables S.à r.l (Private entity )
Impax Solar Investment S.à r.l (Private entity )
Impax New Energy Investors S.C.A. (Private entity )
WOC Photovoltaik Portfolio GmbH &Co. KG (Private entity )
NIBC European Infrastructure Fund I C.V. (Private entity )
Equitix Innova Infrastructure Investments Holding I B.V. (formerly, NEIF Infrastructure Investments Holding I B.V.) (Private entity )
Alesund, Christiansund S.à r.l. & Cie S.C.A. (formerly, Werec I & Christiansund S.à.r.l. S.C.A.) (Private entity )
Shulaya, Trier SG S.à r.l. & Cie S.C.A. (formerly, Werec II & Trier SG S.à.r.l. S.C.A.) (Private entity )
ASE C.V. (Private entity )
AES Solar Energy Coöperatief U.A. (Private entity )
Silver Ridge Power Holdings B.V. (formerly, AES Solar Energy Holdings B.V.) (Private entity )
Silver Ridge Power B.V. (formerly, AES Solar Energy B.V.) (Private entity )
Vela Energy Power España I B.V. (formerly, AES Solar España I B.V.) (Private entity )
Vela Energy Power España II B.V. (formerly, AES Solar España II B.V.) (Private entity )
Eoxis B.V. (Private entity )
Eoxis Holding S.A. (Private entity )
MPC Solarpark GmbH & Co. KG (Private entity )
Ceconat Energy GmbH (Private entity )
REI Renewable Energy International, S.à r.l. (Private entity )
Roland Schumann (Private entity )
InfraClass Energie 4 GmbH & Co. KG (Private entity )
ESPF Beteiligungs GmbH (Private entity )
Name(s) of Respondent(s) The Kingdom of Spain (State)
Names of Parties -
Case number 2012-14
Administering institution Permanent Court of Arbitration (PCA)
Case status Concluded
Type of case Investment arbitration
Subject matter or economic sector Electricity/Power
Rules used in arbitral proceedings UNCITRAL Arbitration Rules 2010
Treaty or contract under which proceedings were commenced

[Multilateral treaty]
Energy Charter Treaty (ECT)

Language of Proceeding English
Seat of Arbitration (by Country) Switzerland

Prof. Gabrielle Kaufmann-Kohler, Presiding Arbitrator
The Hon. Charles N. Brower, Arbitrator
Judge Bernardo Sepúlveda-Amor, Arbitrator

Representatives of the Claimant(s)

Ms. Marie Stoyanov
Mr. Antonio Vázquez-Guillén
Mr. Antonio Jiménez-Blanco
Mr. David Ingle
Mr. Tomasz Hara
Mr. Pablo Torres
Ms. Carmen de la Hera
Mr. Jeffrey Sullivan

Representatives of the Respondent(s)

Mr. José Manuel Gutiérrez Delgado
Mr. Pablo Elena Abad
Mr. Antolín Fernandez Antuña
Mr. Roberto Fernández Castilla.
Ms.Patricia Froehlingsdorf Nicolás
Ms. María del Socorro Garrido Moreno
Mr. Rafael Gil Nievas
Mr. José Luis Gómara Hernández
Ms. Elena Oñoro Sáinz
Ms. Amaia Rivas Kortazar
Mr. Mariano Rojo Pérez
Ms. María José Ruiz Sánchez
Mr. Diego Santacruz Descartín
Mr. Francisco de la Torre Díaz
Mr. Alberto Torró Molés
Mr. Luis Vacas Chalfoun
Mr. Eduardo Soler-Tappa
Mr. Christian Leathley
Ms. Florencia Villaggi
Mr. Jaime De San Román
Ms. Beverly Timmins
Ms. Mélissa Sanchez

Representatives of the Parties
Number of Arbitrators in case 3
Date of commencement of proceeding 2012
Date of issue of final award 28 February 2020
Length of Proceedings -
Additional notes -


Award or other decision
Final Award (ENG) encl. concurring and dissenting opinion
Final Award (SPA) encl. concurring and dissenting opinion
Preliminary Award on Jurisdiction (ENG)
Preliminary Award on Jurisdiction (SPA)
Judge Brower Opinion (ENG) with Annex A
Judge Brower Opinion (SPA) with Annex A