Introduction and Procedural Posture

This document is a Complaint filed by 72 German entities and individuals (collectively, the "Plaintiffs") against the Kingdom of Spain ("Spain") in the United States District Court for the District of Columbia. The action seeks the recognition and enforcement of an arbitral award issued on October 6, 2023, in ICSID Case No. ARB/15/23 (the "Award") and a subsequent Decision on Annulment issued on December 22, 2025, which dismissed Spain's application to annul the Award. Plaintiffs initiate this proceeding pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the "ICSID Convention") and its implementing legislation in the United States, 22 U.S.C. § 1650a.

Background of the Underlying Arbitration

The underlying dispute arose from Spain's alleged violations of the Energy Charter Treaty (ECT) concerning Plaintiffs' investments in photovoltaic energy projects. The Plaintiffs contended that Spain's regulatory changes to its renewable energy incentive regime, beginning around 2010, significantly damaged their investments, which were made in reliance on the prior legal framework. The ICSID arbitral tribunal, constituted by Michael Pryles, Zachary Douglas, and Vaughan Lowe (President), unanimously upheld its jurisdiction over the intra-EU dispute. In a subsequent decision on the merits, a majority of the tribunal found that Spain had breached its obligation to provide fair and equitable treatment (FET) under Article 10 of the ECT.

The tribunal issued its final Award on October 6, 2023, ordering Spain to pay the Plaintiffs approximately EUR 15 million in damages, plus interest, and a significant portion of their legal costs. Spain subsequently filed an application for annulment with ICSID, which was unanimously dismissed by an ad hoc Committee on December 22, 2025. The Committee ordered the parties to comply with the Award and directed Spain to pay the costs of the annulment proceedings and a majority of the Plaintiffs' associated legal costs.

Relief Sought

In this Complaint, the Plaintiffs assert that Spain has failed to satisfy the pecuniary obligations imposed by the Award and the Decision on Annulment. They request that the U.S. District Court enter an order and judgment recognizing both the Award and the Decision, and enforcing the monetary obligations therein with the same full faith and credit as a final judgment of a U.S. court. The specific relief sought includes judgment against Spain for the principal amounts of damages and costs awarded, plus pre- and post-award interest as specified in the arbitral decisions.