Principal & International Arbitration Practice Leader

Mr. Caldwell is a Principal in the London office of The Brattle Group and has been with the firm for just over 20 years. Richard is an economics and financial expert, with experience valuing businesses and financial instruments across a range of industries, from electricity to banking to telecoms, and in a range of settings. He routinely provides economic and financial advice concerning corporate finance and valuation, the pricing of securities and derivatives, and assessments of regulatory issues.

Richard has advised the European Commission and national regulators on financial issues, and testified before the UK Competition Appeals Tribunal on the level of returns for telecom companies. He has also testified on damages and financial issues in close to 50 international arbitrations, before tribunals set up under the rules of the Energy Charter Treaty, the London Court of International Arbitration (“LCIA”), the International Centre for Settlement of Investment Disputes (“ICSID”), UNCITRAL, Dutch Law and Swiss Law. He has worked on behalf of both claimants and respondents.

Mr. Caldwell is retained as an expert witness by international investors in numerous ongoing ICSID cases against Spain claiming damages arising from the changes in Spanish energy renewables regulations. As part of that work he has analysed the performance of renewables investments of different types (solar PV, thermal solar, wind, hydro), different financial structures including project finance loans and interest rate swap (IRS) contracts, and assessed Spanish regulatory risks. Mr. Caldwell’s analysis has so far formed the basis for roughly EUR 1 billion of arbitral awards on behalf of renewable investors. He is also currently retained as an expert witness in arbitrations concerning the retroactive conversion of foreign exchange loans.

Mr. Caldwell regularly teaches a core corporate finance and valuation course on the Masters in Finance program at the London Business School. He has degrees in Engineering from Cambridge University.


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Tue. 28 March 2023
Full Compensation v. State Aid
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