Danish energy company Orsted has signed a joint venture with Poland's PGE for a 2.5GW offshore wind project located on the Polish side of the Baltic Sea.
Photo: Vattenfall Nederland / Creative Commons Licence: CC BY-NC
The venture will see both parties operate a 50% share and they will work together to develop, construct and run the Baltic 2 and Baltic 3 plants once at full capacity.
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The deal was first announced on February 10 and was approved by Poland's President of the Office of Competition and Consumer Protection in mid-March.
Subsequently, the partners submitted an application for registration to the National Court Register and have now closed the transaction.
Orsted now subsequently owns a 50% stake in the two project companies.
"The combination of knowledge and experience of Ørsted and PGE provides a solid foundation for the implementation of such an important investment for the domestic economy, which is the construction of two offshore wind farms in the Polish Exclusive Economic Zone of the Baltic Sea," says Wojciech Dąbrowski, the president of PGE's management board.
“PGE, as the largest producer of electricity in Poland, with extensive experience in the domestic energy sector, has invited one of the leaders in the global offshore wind energy market to jointly develop, construct and operate offshore wind projects," he added.
Both sites are set to contribute directly to Poland's green energy transition, accelerate the development of the local supply chain and spur economic activity for many years to come.
Orsted's senior vice president Rasmus Errboe said he was delighted to be working with Poland's top utility company to achieve these ends.
He added: "We will bring our decades of experience to this new market to deliver green energy, create industrial development and local jobs, and assist Poland in becoming a leading offshore wind nation."
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Both stages have already received environmental permits and signed grid connection agreements, and were on 7 April 2021 awarded Contracts for Difference by the Polish Energy Regulatory Office.
Depending on when Orsted implements its final investment decisions, Baltica 3 - clocking in at roughly 1 GW - could be operational by 2026 whereas Baltica 2 - roughly 1.5 GW - could be up and running before 2030.
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