Vestas and Fortum have settled the arbitration regarding wind energy projects in Russia.
The settlement entails both companies waive past, present and future claims related to their legacy business activities in the country.
Finnish state-owned energy company Fortum had initiated the arbitration with the Danish manufacturer in 2022 in the International Chamber of Commerce in Stockholm. Its claims against Vestas were related to contracts for Russian wind energy projects which were entered into before the country’s invasion of Ukraine.
The terms of the settlement are otherwise confidential, said the companies, adding with the settlement, Fortum and Vestas have reached a compromise that allows them to work together again on new energy projects as well as already operating wind parks.
Fortum president and chief executive Markus Rauramo (pictured left) said: “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 chief executive Henrik Andersen (pictured right) added: “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.”