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Cavalum SPGS v. Spain, Complaint, August 19, 2026

19 Aug 2026
Cavalum SGPS, S.A. v. Kingdom of Spain, ICSID Case No. ARB/15/34
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Complaint
Document Details:
LISTED PARTICIPANTS
Complaint
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
David R. Haigh
Respondent appointee
Daniel Bethlehem
Tribunal/Panel chair
Lawrence Collins
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Claimant's counsel
Thomas C.C. Childs, Mark McLennan, Matthew S. Rozen
Claimant's law firm
Respondent's counsel
Respondent's law firm
Other counsel
Claimant's expert
Claimant's expert firm
Respondent's expert
Respondent's expert firm
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Third-party funder
Entities
Cavalum SGPS S.A., King & Spalding, Spain
Country
United States
Print reporter
Document Summary
Complaint
This summary note is machine-generated. Always consult the original materials.

Procedural Posture

This document is a Complaint filed by Cavalum SGPS, S.A. in the United States District Court for the District of Columbia, seeking the recognition and enforcement of an arbitral award rendered on September 29, 2022, in ICSID Case No. ARB/15/34 against the Kingdom of Spain.

Legal and Factual Background

The underlying dispute arose under the Energy Charter Treaty (ECT) concerning Spain's regulatory modifications to its renewable energy incentive regime, specifically the rollback of feed-in tariffs established under Royal Decrees 661/2007 and 1578/2008. The ICSID tribunal found that Spain breached its obligation to provide fair and equitable treatment under Article 10(1) of the ECT by fundamentally altering the regulatory framework, thereby undermining the claimant's legitimate expectations of a reasonable rate of return.

Relief Sought

Pursuant to Article 54 of the ICSID Convention and 22 U.S.C. § 1650a, the claimant requests that the District Court enter an order recognizing the ICSID award and enforcing its pecuniary obligations as if it were a final judgment of a court of general jurisdiction of one of the several States. The requested judgment includes EUR 7.4 million in compensatory damages, EUR 1.5 million in legal fees, and applicable pre-award and post-award interest compounded annually. The claimant notes that an ad hoc annulment committee dismissed Spain's annulment application in December 2025, terminating any stay of enforcement and rendering the award fully enforceable.