Vestas and Fortum reach settlement on arbitration related to Russian wind energy projects

Aarhus, 10 October 2024

Vestas and Fortum are pleased to announce that the companies have settled the arbitration regarding wind energy projects in Russia. The settlement entails that both companies waive past, present and future claims related to their legacy business activities in Russia. The terms of the settlement are otherwise confidential. With this settlement, Fortum and Vestas have reached a compromise that allows the companies to work together again on new energy projects as well as already operating wind parks.

Fortum President and CEO, Markus Rauramo, says: “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, says: “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.”

Fortum had initiated the arbitration in 2022 in the International Chamber of Commerce (Stockholm). Fortum’s claims against Vestas were related to contracts for Russian wind energy projects which were entered into before the Russian invasion of Ukraine.