Fortum, Vestas settle dispute over Russian wind energy projects (updated)

Fortum Oyj

10/10/2024 16:11

(Adds detail on settlement, background)
       COPENHAGEN, Oct 10 (Reuters) - Finland's Fortum
 FORTUM.HE  said on Thursday it had settled a dispute with
Denmark's Vestas  VWS.CO  over advance payments it made for
equipment for Russian wind park projects that were terminated
due to sanctions. 
    The Finnish state-controlled utility said in April last year
it had begun arbitration proceedings against Vestas over
"sizeable advance payments" for more than 50 wind turbines it
had made to the company for Russian projects.
    The companies had agreed the contract before Russia's
full-scale invasion of Ukraine in 2022, Fortum said.
    The settlement means both companies will waive past, present
and future claims related to the dispute, Fortum said in a
statement, without giving financial details.
    The financial impact of the settlement will be recorded as
items affecting comparability in Fortum's fourth quarter this
year, the company added.

 (Reporting by Louise Breusch Rasmussen; Editing by Jane
Merriman and Mark Potter)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))