Victory in Peru Arbitration Marks 42nd Consecutive Favorable Result for Sovereign States by Arnold & Porter's International Arbitration Team
Arnold & Porter's International Arbitration team successfully defended the Republic of Peru against a $26 million claim in the Hydrikas v. Peru ICSID arbitration, a dispute derived from a renewable energy generation project. This outcome marks Arnold & Porter's 42nd consecutive positive result on behalf of sovereign States in investment arbitrations.
In its award, issued on August 17, 2021, the Tribunal dismissed all of the claims against Peru for lack of jurisdiction. Additionally, the Tribunal ordered the claimants to pay 100 percent of the arbitral costs and to pay Peru for 100 percent of the legal fees and expenses incurred by Peru in connection with the arbitration.
The Arnold & Porter team that represented Peru featured partners Paolo Di Rosa, Patricio Grané Labat, and Gaela Gehring Flores and included attorneys Claudia Taveras, Brian Vaca, Michael Modesto Gale, Cristina Arizmendi, and Brian Bombassaro.