TIDMORSTED 
 
   Ørsted and PGE Polska Grupa Energetyczna S.A. ('PGE') have signed 
an agreement to form a 50/50 joint venture for the development, 
construction and operation of two offshore wind projects in the Baltic 
Sea with a total potential capacity of up to 2.5 GW. 
 
   Ørsted will subscribe for new shares representing 50% of the total 
share capital in PGE's two offshore wind projects, Elektrownia Wiatrowa 
Baltica-3 sp. z o.o. ('Baltica 3') and Elektrownia Wiatrowa Baltica-2 sp 
z o.o. ('Baltica 2).  Baltica 3 has a capacity of approximately 1 GW and 
Baltica 2 has a capacity of approximately 1.5 GW. The subscription price 
for the newly issued shares in Baltica 2 and 3 will amount to a total of 
PLN 657 million. 
 
   Both projects are eligible to be included in Poland's 2021 offshore wind 
allocation round, where a total of 5.9 GW is expected to be awarded. 
Baltica 3 is the most advanced of the two projects and could become 
operational in 2026. 
 
   Subject to regulatory approval, the transaction is expected to close in 
Q1 2021. 
 
   Martin Neubert, Chief Commercial Officer and Deputy Group CEO, says: 
 
   "Poland is emerging as the front runner in offshore wind in the Baltic 
Sea and we are very excited to enter the Polish market with this joint 
venture with PGE. This transaction brings together Ørsted's 
unparalleled track-record in developing and constructing large-scale 
offshore wind farms with PGE's extensive knowledge of and experience in 
the Polish energy market and its regulatory framework. Our new joint 
venture is strongly committed to delivering on the Polish Government's 
ambitious plans for the deployment of offshore wind." 
 
   Wojciech D browski, President of the Management Board of PGE Polska 
Grupa Energetyczna, says: 
 
   "Offshore wind energy is a great opportunity for the Polish economy and 
Polish entrepreneurs. It is estimated that over 100 domestic entities 
can be successfully involved in the preparation, construction and 
operation of wind farms in the Polish part of the Baltic Sea. The Polish 
Ministry of Climate and Environment estimates the potential offshore 
energy capacity in the Baltic Sea to be approx. 11 GW by 2040, and 
estimates the total value of the investments to be up to PLN 160 
billion. The potential of the Baltic Sea for attracting offshore 
investments is enormous and that is why we are counting on leveraging 
mutual experience and joint preparation for the operational phase of 
both projects, especially due to ambitious plans of PGE for offshore. We 
aim to install at least 6.5 GW of offshore capacity by 2040." 
 
   Rasmus Errboe, Senior Vice President and Head of Region Continental 
Europe, says: 
 
   "The Polish Government's target of awarding 11 GW by 2027 is an ideal 
starting point for transforming Poland's energy system and creating a 
new industrial centre for offshore wind in the Baltic Sea Region. We are 
looking very much forward to partnering with PGE on this journey. 
Together, we will invest significantly in harvesting the renewable 
energy resources in the Baltic Sea while creating economic activity, 
ramping up the local supply chain, and establishing an industry in 
Poland that can potentially generate thousands of jobs within 
manufacturing, operations and maintenance of offshore wind farms." 
 
   Monika Morawiecka, President of the Management Board of PGE Baltica, 
says: 
 
   "We look forward to the launch of a joint project to build the Baltica 2 
and Baltica 3 offshore wind farms together with Ørsted. The two 
projects we will develop together are among the most advanced offshore 
projects in Poland. They will provide green energy to 4 million 
households and will avoid over 8 million tons of carbon emissions per 
year. PGE's share of CAPEX for Baltica 2 and 3 represents a significant 
investment in Poland's energy transition." 
 
   As a part of the agreement, Ørsted and PGE have agreed to establish 
a framework that enables both parties to effectively integrate and 
leverage strengths and expertise from both sides. The combination of 
Ørsted's world class offshore wind expertise with PGE's Polish 
power market expertise and experience will form a market-leading 
partnership well-positioned to deliver the largest portfolio of offshore 
wind projects in the 2021 allocation round. As a part of the joint 
venture Ørsted will significantly expand its on-the-ground presence 
in Poland. 
 
   The information provided in this announcement does not change 
Ørsted's previous financial guidance for the financial year of 2021 
or the announced expected investment level for 2021. 
 
   For further information please contact: 
 
   Ørsted Media Relations 
 
   Tom Christiansen 
 
   +45 99 55 60 17 
 
   tomlc@orsted.dk 
 
   Ørsted Investor Relations 
 
   Allan Bødskov Andersen 
 
   +45 99 55 79 96 
 
   https://www.globenewswire.com/Tracker?data=HLrE_QNDCLI3KK05Hmgq6mKpQ8ZhwgHpanYdlXPZy_G0Q84LW7qd_A2OpcBWOORQM39A121L94OYFCjrTK3G-w== 
alban@orsted.dk 
 
   About Ørsted 
 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs, and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks as the 
world's most sustainable energy company in Corporate Knights' 2021 index 
of the Global 100 most sustainable corporations in the world and is 
recognised on the CDP Climate Change A List as a global leader on 
climate action. Headquartered in Denmark, Ørsted employs 6,179 
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). 
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
Twitter. 
 
 
 
   Attachment 
 
 
   -- Ørsted-PGE 
      https://ml-eu.globenewswire.com/Resource/Download/2b3c9ea4-8db8-4339-8b3a-94b96f045484

(END) Dow Jones Newswires

02-10-21 0700ET