Vestas and Fortum reach settlement on arbitration related to Russian wind energy projects
News release from Vestas Wind Systems A/S
Aarhus, 10 October 2024
Vestas and Fortum are pleased to announce that the companies have settled the arbitration regarding wind energy projects in Russia. The settlement entails that both companies waive past, present and future claims related to their legacy business activities in Russia. The terms of the settlement are otherwise confidential. With this settlement, Fortum and Vestas have reached a compromise that allows the companies to work together again on new energy projects as well as already operating wind parks.
Fortum President and CEO, Markus Rauramo, says: “I am pleased that we have reached an agreement that pleases both parties and which enables us to now move on and look at future prospects going forward.”
Vestas President and CEO, Henrik Andersen, says: “Vestas and Fortum’s differences have been both significant and uncharacteristically public, but over time it became clear it’s in both parties’ interest to settle the dispute. We look forward to keeping existing wind parks running and exploring new ones with Fortum for the benefit of Fortum, Vestas and Europe’s energy system.”
Fortum had initiated the arbitration in 2022 in the International Chamber of Commerce (Stockholm). Fortum’s claims against Vestas were related to contracts for Russian wind energy projects which were entered into before the Russian invasion of Ukraine.
For more information, please contact:
Anders Riis
Vice President, Communications
Mail: ANPRR@vestas.com
Tel: +45 4181 3922
About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 182 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 151 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 32,000 employees are bringing the world sustainable energy solutions to power a bright future.
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