Vestas and Fortum have announced a settlement of 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 them to work together again on new energy projects as well as already operating wind parks. 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.
