Brattle Consultants Author Chapter on the Investor Implications of the EU State Aid Decision on Antin’s Investment Treaty Award

Brattle consultants recently authored a chapter for Lexology In-Depth: Investment Treaty Arbitration – Edition 10 on the investor implications of the EU state aid decision on Antin’s investment treaty award.

In recent years, several arbitral awards have granted investors compensation after finding that European Union Member States unlawfully withdrew subsidies; one, the Antin award, concerned a Spanish renewable investment. According to the European Commission (the Commission), the compensation awarded constitutes state aid and, as such, requires the Commission’s prior approval.

In 2021, the Commission issued a preliminary decision expressing doubts about the compatibility of Spain’s Antin award with EU state aid law; in March 2025, it issued a final decision concluding that the award constitutes incompatible state aid. In the chapter, the authors examine the Commission’s position and its implications – particularly from an economic perspective – and argue that the Commission’s reasoning incentivizes opportunistic behavior by encouraging Member States to resist the payment of arbitral awards.

The chapter, “Investor Implications of the EU State Aid Decision on Antin’s Investment Treaty Award,” was authored by Principals José Antonio García and Richard Caldwell and Senior Associate Benjamin Lawrence.