InfraRed Environmental Infrastructure GP Limited and ors v Spain, Award, ICSID Case No ARB/14/12, IIC 1641 (2019), 2nd August 2019, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]

1. The present arbitration arises from the changes enacted by the Kingdom of Spain (“Spain” or the “Respondent”) to the regulatory and legislative regime of state subsidies to renewable energy producers from 2012 through 2014. In particular, the issues in dispute pertain to the effect of those regulatory changes on two Concentrated Solar Power (“CSP”) plants in which the Claimant entities invested. 2. A CSP plant produces electricity by concentrating solar power using mirrors placed on towers or parabolic troughs placed on a line on the ground.1 Thus concentrated,...