In Infracapital v. Spain, the Tribunal rendered its final Award, focusing on the quantification of damages owed to the claimants for Spain's breaches of the Energy Charter Treaty (ECT). This Award follows a September 2021 Decision on Jurisdiction, Liability, and Directions on Quantum, where the Tribunal found Spain had breached the fair and equitable treatment (FET) standard under ECT Article 10(1). The breaches stemmed from Spain's reforms to its renewable energy incentive scheme, specifically by unlawfully "clawing back" past remuneration and failing to ensure a reasonable rate of return on the claimants' investments in photovoltaic (PV) solar plants. After the liability decision, the parties were unable to agree on the amount of compensation, necessitating a dedicated quantum phase. During this phase, Spain made several unsuccessful requests for the Tribunal to reconsider its jurisdiction and liability findings based on developments in EU law, particularly the Komstroy judgment, which the Tribunal rejected. The quantum phase centered on resolving significant disagreements between the parties' economic experts, The Brattle Group for the claimants and BDO for the respondent. The Tribunal's analysis meticulously addressed the core disputes between the experts. It determined that the tax shield benefit from shareholder loans should be factored into the calculation of the effective tax rate. Regarding the crucial issue of investment costs, the Tribunal rejected both the claimants' actual costs, which were contested as excessive, and other standardized models. Instead, it adopted the "Own IT-Code" methodology, which uses the individual standard installation costs assigned by Spain to each plant under the new regime, as the most appropriate basis for calculating damages. The Tribunal also sided with the claimants in finding that the respondent's expert's methodology improperly reintroduced the very retroactivity that the Tribunal had found to be a breach of the ECT. It concluded that both deductions Spain made to the Net Asset Value (NAV) of the plants to effect the claw-back were unlawful and must be eliminated from the damages calculation. Ultimately, the Tribunal awarded the claimants a total of EUR 24.9 million in damages. This amount was composed of EUR 18.0 million for the failure to provide a reasonable return and EUR 6.9 million for the retroactive claw-back. The Tribunal also ordered Spain to pay pre-award interest at 1.2973% and post-award interest at 2.2973% if payment is delayed. Additionally, Spain was ordered to reimburse 60% of the claimants' legal and expert fees and 60% of their share of the arbitration costs.