Tel Aviv District Court Dismisses ICSID Award
The Tel Aviv District Court dismissed an enforcement request for a EUR 18.4 million award issued by the International Centre for Settlement of Investment Disputes (ICSID) in favor of Sun-Flower Olmeda GmbH, a German subsidiary of Israeli infrastructure group Shikun & Binui Renewable Energy and Sunflower Sustainable Investments.
The award related to investments in Spanish solar projects. The Court found no genuine link to Israel, criticized the filing as forum shopping, and applied the doctrine of forum non conveniens.
This ruling marks the first time an Israeli court addressed enforcement of an ICSID award.
Pearl Cohen advised the Kingdom of Spain in the proceedings, with partners Yossi Markovich, Nathaniel Agou, Ittai Gross, and Naama Israeli leading the Litigation team. The spanish goverment has entrusted Pearl Cohen to the extensive relationship of Meny Broid and Ilana Soloducho Kashmir, Co-Heads of the Latam & Spain Group.
