Fortum settled its dispute with Vestas related to Russian wind farm projects

Energy company Fortum the wind power company announces that it has settled its commercial dispute I vested with.

The dispute was related to equipment deliveries for wind farm projects in Russia, for which Fortum had made advance payments to Vestas. The agreements concerning the projects in question were made before Russia’s major attack on Ukraine.

The parties waive claims related to the dispute.

The financial impact of the agreement is recorded in the items affecting comparability in Fortum’s result for October-December this year.

As a result of the agreement, the arbitration procedure of the International Chamber of Commerce that was started earlier will be terminated.