Case Details

VC Holding II S.à.r.l. and others v. Italian Republic (ICSID Case No. ARB/16/39)

Subject of Dispute:

Renewable energy generation enterprise
Economic Sector:

Electric Power & Other Energy
Instrument(s) Invoked:

ECT (Energy Charter Treaty)
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

SolEs XXII Projekt GmbH (German), Enernovum Asset 1 GmbH (German), Foresight Luxembourg Solar 4 S.a.r.l. (Luxembourg), Enernovum GmbH (German), SolEs XXIII Projekt GmbH (German), SolEs XX Projekt GmbH (German), VC Holding II S.a.r.l. (Luxembourg), SolEs Zarasol GmbH (German), SolEs XXI Projekt GmbH (German), Foresight European Solar 2 Ltd. (British), Foresight Luxembourg (VCT) 2 S.a.r.l. (Luxembourg), CIC Renewable Energies Italy GmbH (German)
Respondent(s):

Italian Republic (Italian)
Date Registered:

December 6, 2016
Date of Constitution of Tribunal:

August 4, 2017

Composition of Tribunal

President:

Klaus REICHERT (German, Irish) - Appointed by Co-Arbitrators
Arbitrators:

Charles PONCET (Swiss) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

King & Spalding, Paris, France, Houston, TX, U.S.A., and Frankfurt, Germany
Orrick, Herrington & Sutcliffe, Milan and Rome, Italy
Green Horse Legal Advisory, Milan, Italy
Respondent(s):

Avvocatura Generale dello Stato, Italian Republic, Rome, Italy
Maria Chiara Malaguti, External Counsel to the Legal Service of the Ministry of Foreign Affairs, Italian Republic, Rome, Italy
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

October 24, 2025 - The Tribunal renders its award.

(a) Original Proceeding

Published Decisions

Decision on the Proposal for Disqualification of Arbitrator Dr. Charles Poncet (English;)

(a) Original Proceeding

Date	Development
December 6, 2016	The Secretary-General registers a request for the institution of arbitration proceedings.
March 3, 2017	Following appointment by the Claimants, Charles Poncet (Swiss) accepts his appointment as arbitrator.
April 17, 2017	Following appointment by the Respondent, Brigitte Stern (French) accepts her appointment as arbitrator.
August 3, 2017	Following appointment by his co-arbitrators and approval from the parties, Klaus Reichert (German, Irish) accepts his appointment as presiding arbitrator.
August 4, 2017	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Klaus Reichert (German, Irish), President, appointed by his co-arbitrators with approval from the parties; Charles Poncet (Swiss), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent.
September 22, 2017	The Tribunal holds a first session by telephone conference.
October 30, 2017	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
April 17, 2018	The Claimants file a memorial on the merits.
April 30, 2018	The Respondent files objections to jurisdiction pursuant to ICSID Arbitration Rule 41(1) and a request to address the objections to jurisdiction as a preliminary question.
May 16, 2018	The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question.
June 4, 2018	The Tribunal issues a decision concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question.
September 14, 2018	The Respondent files a counter-memorial on the merits and memorial on jurisdiction, including a request to address the objections to jurisdiction as a preliminary question.
September 26, 2018	The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question.
October 12, 2018	A non-disputing party files an application pursuant to ICSID Arbitration Rule 37(2).
October 18, 2018	The Tribunal issues Procedural Order No. 2 concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question.
October 23, 2018	Each party files observations on the non-disputing party’s application.
November 5, 2018	The Tribunal issues Procedural Order No. 3 concerning the non-disputing party’s application pursuant to ICSID Arbitration Rule 37(2).
December 19, 2018	The Claimants file a reply on the merits and a counter-memorial on jurisdiction.
March 15, 2019	The Respondent files a rejoinder on the merits and a reply on jurisdiction.
May 10, 2019	The Claimants file a rejoinder on jurisdiction.
June 14, 2019	The Respondent files a request for the Tribunal to suspend the proceeding.
June 24, 2019	The Claimants file observations on the Respondent’s request of June 14, 2019.
June 26, 2019	The Tribunal issues a decision on the Respondent’s request of June 14, 2019.
July 22, 2019	The Tribunal issues Procedural Order No. 4 concerning the organization of the hearing.
August 5, 2019 - August 8, 2019	The Tribunal holds a hearing on jurisdiction and the merits in Paris.
October 30, 2019	Each party files a post-hearing brief.
December 4, 2019	Each party files a reply post-hearing brief.
December 6, 2019	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
December 12, 2019	The Claimants file observations on the Respondent’s request of December 9, 2019 and file a request for the Tribunal to decide on the admissibility of new evidence.
March 30, 2020	The Respondent files a request for the Tribunal to decide on the admissibility of a new document.
March 30, 2020	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
April 7, 2020	The Claimants file observations on the Respondent’s request of March 30, 2020.
April 9, 2020	The Tribunal decides on the admissibility of new evidence.
September 15, 2020	The Claimants file a request for the Tribunal to decide on the admissibility of new evidence.
September 16, 2020	The Tribunal decides on the admissibility of new evidence.
September 17, 2020	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
September 18, 2020	The Tribunal decides on the admissibility of new evidence.
February 27, 2021	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
March 2, 2021	The Tribunal decides on the admissibility of new evidence.
April 30, 2021	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
May 4, 2021	The Tribunal decides on the admissibility of new evidence.
September 13, 2021	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
September 17, 2021	The Claimants file observations on the Respondent’s request of September 13, 2021.
September 20, 2021	The Tribunal decides on the admissibility of new evidence.
January 12, 2022	Each party files a submission on costs.
October 20, 2022	The Respondent files a proposal for disqualification of arbitrator Charles Poncet. The proceeding is suspended in accordance with ICSID Arbitration Rule 9(6).
November 21, 2022	The Claimants file observations on the proposal for disqualification.
December 6, 2022	The arbitrator furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).
December 21, 2022	Each party files further observations on the proposal for disqualification.
January 12, 2023	The arbitrator furnishes further explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).
January 23, 2023	Each party files further observations on the proposal for disqualification.
April 21, 2023	The proposal for disqualification of arbitrator Charles Poncet is declined by the co-arbitrators. The proceeding is resumed pursuant to ICSID Arbitration Rule 9(6).
May 9, 2024	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
May 13, 2024	The Claimants file observations on the Respondent’s request of March 11, 2024 and file a request for the Tribunal to decide on the admissibility of new evidence.
May 15, 2024	The Tribunal decides on the admissibility of new evidence.
June 12, 2024	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
June 20, 2024	The Tribunal decides on the admissibility of new evidence.
February 11, 2025	The Tribunal issues Procedural Order No. 5 concerning procedural matters.
May 5, 2025	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
June 9, 2025	The Respondent files a request to reopen the proceeding pursuant to ICSID Arbitration Rule 38(2).
June 13, 2025	The Claimants file observations on the request to reopen the proceeding.
June 18, 2025	The Tribunal issues a decision on the Respondent’s request to reopen the proceeding.
October 24, 2025	The Tribunal renders its award.