Avangrid, Iberdrola’s US subsidiary, and GE Vernova have reached an amicable agreement that brings an end to the commercial dispute which was threatening the completion of Vineyard Wind, the Spanish company’s first large-scale offshore wind farm in the United States.
The agreement paves the way for the project’s final handover and secures the future of the facility.
GE Vernova has formally withdrawn its notice to terminate the contracts, and both parties have agreed to withdraw all pending legal claims. The financial terms of the agreement will remain confidential.
The dispute between the two companies erupted after GE Vernova, responsible for the design, manufacture and installation of the wind turbines, sought to withdraw from the project due to non-payment of 360 million.
SOURCE: elEconomista.es
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