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Arbitration Proceedings Ended: Vestas And Fortum Reach Agreement In Legal Dispute Over Russian Wind Energy Projects

Aarhus, Denmark - Vestas and the majority state-owned Finnish energy company Fortum have settled their legal dispute in connection with wind energy projects in Russia.

Fortum had initiated the arbitration proceedings at the International Chamber of Commerce (Stockholm) in 2022. Fortum's claims against Vestas relate to contracts for Russian wind energy projects that were concluded before the Russian invasion of Ukraine.

The settlement now reached includes that both companies waive past, present and future claims in connection with their former business activities in Russia. The terms of the settlement are otherwise confidential.

According to Vestas, this settlement represents a compromise that will allow both companies to work together again on new energy projects as well as on wind farms already in operation.

“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,” says Henrik Andersen, President and CEO of Vestas, optimistically about the continued business relationship with Fortum. “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,” adds Markus Rauramo, President and CEO of Fortum, on the settlement of the proceedings.

The Vestas share price falls by 3.6 percent to EUR 18.28 (closing price, 10.10.2024, Stuttgart Stock Exchange) in the first four days of trading in what has been a weak week on the stock exchange. This morning, the share price is at the closing price level of the previous day, currently at EUR 18.33 (11:45 a.m., 11.10.2024, Stuttgart Stock Exchange).



Source: IWR Online, 11 Oct 2024