Fortum and Vestas reach settlement related to Russian wind energy projects

FORTUM CORPORATION PRESS RELEASE 10 October 2024 at 5:30 p.m. EET

Fortum and Vestas have reached a settlement in a commercial dispute between the companies. The dispute concerned deliveries of equipment for wind parks in Russia for which Fortum had made advance payments to Vestas. The companies entered the contract before the Russian invasion of Ukraine.

The settlement entails that both companies waive past, present and future claims related to the dispute at hand. The financial impact of the settlement will be recorded as items affecting comparability in Fortum’s fourth quarter financials of 2024.

With the settlement agreement, the previously commenced International Chamber of Commerce arbitration process will be terminated.

Fortum Corporation

Further information:

Fortum News Desk, tel. +358 40 198 2843

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