Swedish Appeal Court links CJEU intra-EU arbitration obstacles to Swedish Arbitration Act, declares EUR 56 million SCC investment arbitration award invalid

13 December 2022, STOCKHOLM. The Svea Hovrätt (Svea Court of Appeal) has declared the EUR 56 million SCC arbitral award rendered in Novenergia II v Kingdom of Spain on 15 February 2018 invalid. In doing so, the Court ordered the unsuccessful investors to pay Spain almost EUR 1 million in costs – an amount which includes costs incurred in response to developments in “the case law of the Court of Justice of the European Union.”