Record-Breaking Investment Arbitration Award Rendered Against Spain

A tribunal of the International Centre for Settlement of Investment Disputes (ICSID) has unanimously awarded €290.6 million in damages plus interest to NextEra in the largest investment treaty claim against Spain arising out the country’s elimination of feed-in tariffs and remuneration formulas in the renewables energy sector. The award — which also is the largest-ever investment arbitration award in the renewable energy sector globally — results from arbitration in which Skadden successfully represented the two Dutch subsidiaries of NextEra.