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FIND OUT MOREInternational Arbitration Partner Tsegaye Laurendeau comments in relation to a settlement between Finnish state-owned electricity company Fortum and Danish wind turbine manufacturer Vestas, which were engaged in arbitration relating to wind power projects in Russia. A shortened version of Tsegaye's comments were published in Windpower Monthly, 18 October 2024. That article can be read here.
Commenting on the settlement and what this may mean for both firms going forward, Tsegaye said: “Both companies have undoubtedly lost significant amounts of money, not to mention the prospects of future lucrative projects in Russia. Given the political background to the dispute between Fortum and Vestas, I expect the settlement deal was supported or facilitated at the top political level in both Finland and Denmark. There may even have been some compensatory long-term benefits of financial value on the table from the relevant states.
The parties have confirmed in their press releases a commitment to continue working together on the existing projects and future projects. Reading between the lines, in order to mitigate the losses and to the extent it is possible to redirect the advance payments made by Fortum to Vestas and the equipment manufactured by Vestas for Fortum for the project in Russia towards future projects, I would expect the parties to have agreed to do that.
In the context of rising competition and costs, an agreement by two major players in this space to continue working on existing projects makes a lot of commercial sense.”
Tsegaye has significant experience in complex energy and infrastructure and disputes, especially involving complex financial issues. Read more about our services in this area here, and find out more about our international arbitration team and capabilities here.
