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
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.
“Poland is emerging as the front runner in offshore wind in the
Wojciech Dąbrowski, 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
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
“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
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
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
+45 99 55 60 17
tomlc@orsted.dk
Ørsted Investor Relations
Allan Bødskov Andersen
+45 99 55 79 96
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
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- Ørsted-PGE
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