Enefit Green and GE Vernova reach agreement regarding the Akmene wind farm incident

Enefit Green has reached an agreement with GE Vernova over the incident during the construction of the Akmene wind farm that led to the collapse of a wind turbine.

As part of the outcome of the negotiations, Enefit Green and GE Vernova have agreed to a settlement in relation to the above incident, which will result in a contractual adjustment of the Akmene Wind Farm Turbine Supply Agreement (TSA) between the parties, including material compensation totaling approximately $8 million euros, with around half in cash and the rest in cashless parts.

Andres Maasing, acting CEO of Enefit Green, comments:

“ The months following the incident were rapid 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 first priority was to determine the root cause and ensure the safety of the remaining turbines and the safety of the community that lived and worked near the turbines. Once this was done, we moved on to gradually bringing the wind farm back into operation and replacing the collapsed turbine. Once operations were restored, we focused on negotiating our acquired rights under the contract and securing consideration for our rights under the contract. I am pleased that we have reached a constructive out-of-court settlement with GE Vernova and am deeply grateful for their professionalism and willingness to achieve this result. This result was also made possible by the dedicated efforts of our internal and external teams in Lithuania and Estonia, whose contribution was 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 around 258 gigawatt hours of green electricity annually.

Further information:
Sven Künsing
Head of Financial Communications
[email protected]
https://enefitgreen.ee/en/investorile/

Enefit Green is one of the leading producers of renewable energy in the Baltic Sea region. The company operates wind farms in Estonia and Lithuania, waste-to-energy plants in Estonia, solar parks in Estonia and Poland and a hydroelectric power plant in Estonia. In addition, the company is developing several wind and solar parks in the above-mentioned countries of Latvia and Finland. At the end of the second quarter of 2024, the company had a total installed electricity production capacity of 587 MW and a total installed heat production capacity of 50 MW. In 2023, the company produced 1,343 GWh of electricity, 604 GWh of thermal energy and 156,000 tons of wood pellets. At the end of 2023, Enefit Green withdrew from the biomass cogeneration and pellet production business areas.

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