Vestas and Fortum have resolved the arbitration concerning wind energy projects in Russia, allowing both companies to move forward in their business relations.
As part of the settlement, both companies have agreed to waive past, present, and future claims related to their legacy business activities in the country. The arbitration was initiated by Fortum, a Finnish state-owned energy company, in 2022 at the International Chamber of Commerce in Stockholm. The claims centered around contracts for Russian wind energy projects established prior to the invasion of Ukraine.
The specifics of the settlement remain confidential. However, both parties have stated that it facilitates their collaboration on new energy projects and on existing wind parks.
Fortum President and CEO Markus Rauramo expressed satisfaction with the outcome, saying: “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 acknowledged the complexities of the situation, noting: “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.”
