Summary

Introduction

The present appeal in CA/CA 11/2026 ("CA 11") concerns the registration and enforcement of an arbitral award ("Award") rendered by the International Centre for Settlement of Investment Disputes ("ICSID"). The Award was made in favour of the respondents, whom we refer to as the "Dutch Investors", and against the appellant, the Kingdom of Spain ("Spain").

The Dutch Investors subsequently obtained an order registering the Award in Singapore ("Registration Order"). Spain applied to set aside the Registration Order, principally on the ground that it was entitled to state immunity under s 3 of the State Immunity Act 1979 (2020 Rev Ed) ("SIA"). This application was dismissed by a Judge of the General Division of the High Court ("Judge"): see NextEra Energy Global Holdings BV v Kingdom of Spain [2026] SGHC 43 ("Judgment"). The Judge found that Spain could not rely on state immunity under s 3 of the SIA to set aside the Registration Order because the exceptions to state immunity in ss 4 and 11 of the SIA applied. The Judge also declined to set aside the Registration Order under O 3 r 2(8) of the Rules of Court 2021 ("ROC 2021") in the interests of justice. Before us, Spain contends that the Judge erred in each of these respects, and we address each ground of appeal in turn.

Having reserved judgment after hearing parties' submissions, we now provide our decision along with our reasons.

International Law - Sovereign immunity - Exceptions - Submission - Exceptions - Arbitration - Conventions - Convention on the Settlement of Investment Disputes between States and Nationals of other States - Award - Recourse against award - Setting aside