Vestas and Fortum reach agreement on arbitration related to wind energy projects in Russia

Vestas and Fortum are pleased to announce that the companies have reached an agreement on arbitration related to wind energy projects in Russia. The agreement entails both companies waiving past, present and future claims related to their traditional business activities in Russia. The terms of the agreement are otherwise confidential. With this agreement, Fortum and Vestas have reached a compromise that allows the companies to work together again on new energy projects as well as on wind farms already in operation.

Fortum President and CEO Markus Rauramo said: “I am pleased that we have reached an agreement that satisfies both parties and that allows us to now move forward and discuss future prospects.”

Henrik Andersen, President and CEO of Vestas, said: “The differences between Vestas and Fortum have been significant and, unusually, public, but over time it became clear that it is in the interest of both parties to resolve the dispute. We look forward to keeping existing wind farms in operation and exploring new ones with Fortum for the benefit of Fortum, Vestas and Europe’s energy system.”

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