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Energy firm Fortum starts arbitration against wind turbine maker

Posted On: Apr. 13, 2023 9:44 AM CST

Finland-based state-owned energy company Fortum Oyj has initiated an arbitration process against Denmark-based Vestas Wind Systems A/S, seeking more than €200 million ($218 million) in compensation for Russian projects that were terminated due to sanctions, Reuters reported. According to the arbitration claim filed at the International Chamber of Commerce in Stockholm, Fortum had made sizeable advance payments to Vestas for more than 50 wind turbines before the European Union imposed its sanctions on Russia.