Latest development Aug 10, 2026
The D.D.C. authorized execution and upheld subpoenas to U.S. payment institutions.
The award
- Amount awarded
- €101M plus interest
- Current estimate
- U.S. judgment of $156.6M (September 30, 2025)
- Award holder
- Infrastructure Services Luxembourg Sàrl and Energia Termosolar B.V. (Antin)
- Respondent
- Kingdom of Spain
- Forum
- ICSID ARB/13/31 · ECT
Challenges
Annulment denied. In March 2025 the European Commission decided that paying the award would be illegal state aid.
Enforcement
England: the UK Supreme Court held in March 2026 ([2026] UKSC 9) that Spain has no immunity from registration (immunity from execution remains). Australia: High Court (2023). United States: D.D.C. (18-cv-1753) judgment on September 30, 2025. On August 10, 2026, the court authorized execution under §1610(c), refused a stay without bond and upheld subpoenas to The Clearing House and the Federal Reserve Bank of New York.
Recovered to date
None