Danish wind turbine manufacturer Vestas and Nordic energy company Fortum have reached an agreement in their arbitration case over wind energy projects in Russia. With this agreement, the two companies settle their disputes over business activities in the region and waive all claims from the past, present and future.
The details of the agreement remain confidential, meaning that both companies maintain confidentiality about the course of the negotiations. The arbitration proceedings began in 2022 before the International Chamber of Commerce in Stockholm. Fortum had sued Vestas over contracts for Russian wind energy projects that were concluded before Russia invaded Ukraine in February 2022.
Fortum said it made payments to Vestas for projects that were later canceled, while Vestas said it was necessary to comply with Russian sanctions. Vestas added that Fortum was seeking more than $218 million (200 million euros) in compensation for lost contracts as the sanctions prevented the delivery, installation and maintenance of new turbines to four wind turbines operated by Fortum’s Russian subsidiary WEDF.
