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Autopista del Norte S.A.C. v. Republic of Peru (ICSID)

Why it matters

This case is a significant example of an ICSID tribunal rejecting the vast majority of a large claim, awarding only 1% of the amount sought. It demonstrates the tribunal's rigorous scrutiny of damages and the application of contractual risk allocation, reinforcing the importance of clear contract terms in investment disputes. The decision also highlights Peru's successful defense in international investment arbitration.

Summary

Autopista del Norte S.A.C. (AUNOR), a Peruvian company, initiated ICSID arbitration against the Republic of Peru in April 2020 under the concession contract for the construction and operation of Road Network No. 4 (Pativilca-Santa-Trujillo and Puerto Salaverry-Em palme R1N). AUNOR claimed over US$ 450 million for alleged cost overruns incurred by its subcontractor, OHL Construcción, during project execution. The tribunal, after considering the evidence and arguments, issued an award in July 2024. It dismissed 99% of AUNOR's claims, declaring them inadmissible, and only granted US$ 4.5 million for a small portion of the damages. The tribunal also ruled in Peru's favor on several quantification issues, including the applicable interest rate and tax treatment. Peru, represented by Sidley Austin LLP and Estudio Navarro & Pazos Abogados, is evaluating the award and considering next steps within the ICSID framework. The outcome underscores Peru's strong track record in defending international investment claims.

The detail

Parties: Autopista del Norte S.A.C. v. Republic of Peru

Case number: ICSID Case No. ARB/18/17

Outcome: Peru prevailed on 99% of the claim; AUNOR awarded only US$ 4.5 million of the over US$ 450 million claimed.

Quantum: US$ 4.5 million

Applicable law: Concession Contract for Road Network No. 4; ICSID Convention; Peruvian law

Issues in play: The dispute involved interpretation of the concession contract regarding cost overruns and the allocation of risks between the concessionaire and the state.

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