Enefit Green has reached a settlement with GE Vernova concerning the incident during construction of the Akmene wind farm, resulting in the collapse of a wind turbine.
As a part of the negotiated outcome, Enefit Green and GE Vernova have agreed to a settlement associated with the above incident resulting in contractual adjustment to the Akmene Wind farm Turbine Supply Agreement (TSA) between the parties, including material compensation totaling about 8 million with approximately one half in cash and the remainder in non-cash elements.
Andres Maasing, interim chairman of the management board of Enefit Green comments:
" The months following the incident have been fast-paced and focused on resolving key steps with GE Vernova, our external technical advisors at DNV, legal advisors at Sorainen, insurance advisors at Marsh and other parties. Our initial priority was to identify the root cause and to ensure the safety of the remaining turbines and the safety of the community that lived and operated in the vicinity of the turbines. Once that was done, we moved on to gradually restarting the wind farm and replacing the collapsed turbine. After restoring operations, we concentrated on negotiations with respect to our accrued rights under the contract, securing a consideration for our rights under the contract. I'm pleased that we have reached a constructive, out-of-court settlement with GE Vernova, and I am deeply grateful for their professionalism and preparedness to achieve this outcome. This outcome was also made possible through the dedicated efforts of our internal and external teams in Lithuania and Estonia, whose contribution has been invaluable."
The 75 MW Akmene wind farm is one of Enefit Green's newest wind farms in Lithuania. It consists of 14 wind turbines supplied by GE Vernova. The wind farm is expected to produce about 258 gigawatt-hours of green electricity annually.
Further information:
Sven Kunsing
Head of Finance Communications
investor@enefitgreen.ee
https://enefitgreen.ee/en/investorile/
Enefit Green is one of the leading renewable energy producers in the Baltic Sea area. The Company operates wind farms in Estonia and Lithuania, waste-to-energy CHP plant in Estonia, solar farms in Estonia and Poland and a hydroelectric plant in Estonia. In addition, the Company is developing several wind and solar farms in the mentioned countries, Latvia and Finland. As of the end of Q2 2024, the Company had a total installed electricity production capacity of 587 MW and a total installed heat production capacity of 50 MW. During 2023, the Company produced 1,343 GWh of electricity, 604 GWh of heat energy and 156 thousand tonnes of wood pellets. In the end of 2023, Enefit Green exited the biomass based CHP and pellet production businesses.
