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June 27, 2018
Brattle Client Antin Receives 112 Million EUR Arbitration Award

Brattle Client Antin Infrastructure Services Luxemburg (Antin) was recently awarded 112 million EUR by the International Centre for Settlement of Investment Disputes (ICSID) in their arbitration proceeding against the Kingdom of Spain (Spain) for the removal of economic incentives in Spain’s renewable energy products. This is the third arbitration win that resulted in a large monetary award for a Brattle client against Spain in the last two weeks, after the Eiser and Masdar awards.

The tribunal found that Spain did not comply with the Energy Charter Treaty (ECT) and international law by failing to use Antin’s investment fairly and equitably when Spain repealed certain economic incentives for renewable energy producers.

Both parties, and their experts, disagreed about the monetary figure lost. However, in the tribunal’s view, Brattle’s compensation approach was not only better suited to provide Antin full restitution, but also displayed greater consistency in the use of hindsight. The tribunal accepted Brattle’s primary discounted cash flow model, set forth in its rebuttal report as a realistic and credible basis for valuing Antin’s loss.

In addition to the 112 million EUR settlement, the tribunal required Spain to pay 60% of the costs of the proceedings and 60% of the of Antin’s legal representation costs and expenses, which included Antin’s legal costs and related disbursements, Antin’s expert fees and related disbursements, and other disbursements incurred by Antin.

A Spanish version of this post is also available.