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May 7, 2021

Ørsted and PGE finalise agreement for Poland offshore wind projects

Ørsted and PGE have finalised their previously announced joint venture (JV) agreement to build and operate two offshore wind projects, Baltica 2 (1.5GW) and Baltica 3 (1GW), in the Baltic Sea.

By Umesh Ellichipuram

The companies will each hold a 50% stake in the offshore wind projects, which will have a total installed capacity of up to 2.5GW.

The projects collectively comprise the Baltica Offshore Wind Farm.

Baltica 2 and 3 will support Poland’s green energy transition, as well as economic activity in the region.

Both projects have received environmental permits and have grid connection agreements in place.

Last month, the Polish Energy Regulatory Office awarded contracts for difference for these projects.

Subject to final investment decisions between Ørsted and PGE, Baltica 3 could become operational in 2026 while Baltica 2 is expected to enter the operational phase by 2030.

In February, Ørsted and PGE agreed to create a 50-50 construction and operation JV to oversee work on the two projects.

In March, the President of the Polish Office of Competition and Consumer Protection approved the JV.

PGE and Ørsted have since applied for registration to the National Court Register and have now closed the transaction, which implies that Ørsted acquired a 50% stake in the two project companies.

Ørsted senior vice-president and Region Continental Europe head Rasmus Errboe said: “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.”

Last month, Ørsted partnered with Estonia-based wind energy company Enefit to develop offshore wind projects in the Baltic Sea.

The companies will build the first offshore wind farm in the Gulf of Riga by 2030.

Ørsted also partnered with Danish institutional investor ATP to submit a bid in the upcoming tender for the North Sea energy island.

Located 80km from the coast of Denmark in the North Sea, the 120,000m² artificial energy island will serve as a transmission centre for multiple offshore wind farms.

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