SCC, 15 February 2018, Novenergia II – Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v. The Kingdom of Spain, no. 2015/063

Novenergia, an investment fund in Luxembourg, invested in eight photovoltaic plants in the Kingdom of Spain in 2007. It did so relying on the country’s explicit offer in its regulatory framework of a fixed long-term price for energy. However, subsequent regulations retroactively repealed this framework. Norvenergia initiated arbitration proceedings before the Stockholm Chamber of Commerce [...]