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Spain Wins Pause Of $66M Energy Investor Award
Law360 (April 1, 2021, 10:17 PM EDT) A bid to have a D.C. federal court enforce a $66.3 million arbitral award over Spain s revocation of economic incentives for renewable projects has been put on hold in light of a pending appeal before the International Centre for Settlement of Investment Disputes.
U.S. District Judge Carl J. Nichols on Wednesday said that he would stay the proceedings in the United States because Spain had already applied to annul the award before ICSID, where the award was originally granted to Jersey-based RREEF Infrastructure (GP) Ltd. and the Luxembourg-based RREEF Pan-European Infrastructure Two Lux SARL.
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Spanish Gas Co. And Egypt Settle $2B Award Suit
Law360 (March 16, 2021, 10:03 PM EDT) A Spanish gas company has agreed to drop its $2 billion award confirmation suit against Egypt in D.C. federal court after the parties inked a settlement ending their yearslong dispute over Egypt cutting off a natural gas plant s supply.
The International Centre for Settlement of Investment Disputes issued Unión Fenosa Gas SA the award against the Arab Republic of Egypt after finding that the state-owned gas company breached a contract by cutting off UFG s gas supply to its liquefied natural gas plant in Damietta.