Fortum made “significant upfront payments” for more than 50 Vestas wind turbines in September 2021. Afterwards, the companies signed a contract to build wind turbines in Russia.
The Danes undertake to install the wind turbines and take care of their maintenance. However, in the spring of last year, Vestas left the Russian market and said it would not be able to meet the terms of the contract. By the time the EU imposed sanctions on Russia, the company said it had already manufactured some of the wind turbine components “at a cost far in excess of the down payments received”.
The Finns said that after several months of fruitless negotiations with Vestas, they had no choice but to referee. Fortum demanded more than 200 million euros ($218 million) in compensation for the failed contract. The dispute is examined by the arbitration tribunal of the International Chamber of Commerce in Stockholm.
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