Offshore staff
FREDERICIA, Denmark – Ørsted and PGE Polska Grupa Energetyczna S.A. (PGE) have agreed 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 about 1 GW and Baltica 2 has a capacity of 1.5 GW. The subscription price for the newly issued shares will amount to PLN 657 million ($177 million).
According to Ørsted, 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 1Q 2021.
As a part of the agreement, the companies have agreed to establish a framework that enables both parties to effectively integrate and leverage strengths and expertise from both sides.
02/10/2021
