Quadrant’s Damages Expert Testifies in Spanish Renewables Arbitration Brought by German Banks.

Quadrant’s damages expert, Dr. Flores, was retained by the Kingdom of Spain (“Respondent”) as quantum expert in an arbitration initiated by Landesbank Baden‑Württemberg, Hamburg Commercial Bank AG (formerly, HSH Nordbank AG), Landesbank Hessen-Thüringen Girozentrale and Norddeutsche Landesbank-Girozentrale (“Claimants”), held under ICSID rule and the 1994 Energy Charter Treaty (ICSID Case No. ARB/15/45). The dispute arose from Respondent’s implementation of a series of energy reforms affecting the renewables sector, including a change in the remuneration scheme for existing renewable energy producers. 

Claimants alleged that such reforms breached the Energy Charter Treaty and had a negative economic impact on the loans they granted to certain photovoltaic projects in Spain. 

The hearing was held before Sir. Christopher Greenwood, President of the Tribunal, and Co-arbitrators, Dr. Charles Poncet and Prof. Thomas Clay.  An award has not yet been rendered.

Spain was represented by the Abogacía General del Estado, Ministry of Justice of the Government of Spain.  Dr. Flores was supported by a Quadrant team that included Ryan McCann, Lauren Silber, Ivan Lopez and Gad Touchan.

Sources: UNCTAD; Italaw; ICSID; TDM Journal; Jus Mundi