Northland Power Inc. reported that Polands Energy Regulatory Office has awarded a contract for difference for Northland and PKN ORLENs (ORLEN) Baltic Power offshore wind project. Under the 25-year contract, the project receives payments covering any negative balance of electricity generated offshore and fed into the grid, which means that Baltic Power will be compensated for the potential difference between the market price of electricity and the strike price set in the CfD. The award is part of the Polish Governments commitment, through the Polish Offshore Wind Act, to support an initial phase of 5.9 gigawatts (GW) of offshore wind. Similar to previous announcements, the CfD is awarded at PLN 319.60 per MWh for up to 25 years and is adjusted to annual indexation by Polands annual average consumer price index. The CfD is subject to review and final approval from Polish authorities and the European Commission. On March 24, 2021, Northland completed its acquisition of a 49% interest in Baltic Power from ORLEN, delivering a project with scale and an opportunity to participate in a growing offshore wind market in Central Europe. The project is expected to have a total capacity of up to 1,200 megawatt (MW) of offshore wind generation with construction activities expected to start in 2023 and commercial operations anticipated in 2026. Poland provides an attractive investment destination with a clear roadmap for offshore wind and other renewable technologies and its 2040 energy policy highlights offshore wind as a key technology to help its transition to a low-emission economy. Polands Offshore Wind Act, which was passed earlier this year, specifies its ambitions for offshore wind and its commitment to install 5.9 GW by 2030, and up to 11 GW by 2040, making Poland the biggest market for offshore wind in the Baltic region and an attractive market for offshore wind investment.