Eolus has been successful in an arbitration award in relation to two of its wind projects near Sundsvall in Sweden.
The arbitration award is in relation to the Kråktorpet and Nylandsbergen wind projects.
The award is estimated to have a positive effect on Eolus’s operating profit by Skr96m (€8.3m) in the third quarter.
The estimated effect on profit before tax is Skr85m in the third quarter and cash flow will be negatively affected by approximately Skr28m in the fourth quarter.
In January 2018, the contractor received the contract to design and execute roads and crane sites as well as electrical grids for the Kråktorpet and Nylandsbergen wind farms.
The parties could not agree on responsibility for damages and delays due to insufficient roads, during the thawing period in connection with the construction of the wind farms, said Eolus and a dispute was initiated in 2020.