Vestas said Wednesday that Finland’s Fortum (FORTUM.HE) is seeking more than 200 million euros ($218 million) from Denmark’s Vestas (VWS.CO) for Russian wind farm projects that Vestas abandoned owing to sanctions.
Vestas claimed sanctions against Russia following the Ukrainian crisis prohibited it from supplying, installing, and maintaining wind turbines at four wind power projects for Fortum’s Russian subsidiary WEDF.
Vestas CEO Henrik Andersen stated that the arbitration was without merit.
“We will fiercely defend ourselves if this meritless arbitration continues,” he continued.
