PGE and Ørsted have closed the joint venture agreement for Polish offshore wind projects
In mid-March, the President of the Polish Office of Competition and Consumer Protection approved the joint venture. Subsequently, the partners submitted an application for registration to the National Court Register and have now closed the transaction, which means that Ørsted has acquired the 50% stake in the two project companies.
"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. The combination of the knowledge and experience of Ørsted and PGE provides a solid foundation for the implementation of such an important investment in 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, President of the Management Board at PGE.
"I'm delighted that we have established a strong offshore wind partnership with Poland's leading utility. 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," says Rasmus Errboe, Senior Vice President and Head of Region Continental Europe at Ørsted.
Baltica 2 and Baltica 3 will contribute significantly to Poland's green energy transition, accelerate the development of the local supply chain and spur economic activity for many years to come. Both stages have already received environmental permits and signed grid connection agreements, and were awarded contracts for difference by the Polish Energy Regulatory Office on 7 April 2021. Subject to Ørsted's and PGE's final investments decisions, Baltica 3 (1 GW) could become operational in 2026, while Baltica 2 (1.5 GW) could become operational before 2030.
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 6,311 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.
About PGE Group
PGE Polska Grupa Energetyczna is the largest electric power company and supplier of electricity and heat in Poland. By combining own fuel sources, energy generation assets and distribution grids, PGE guarantees safe and stable supplies of electricity and heat to more than five million customers. PGE Group's generating assets account for close to 40% of total electricity generation in Poland. With a 10% share of the renewables market in Poland, PGE Group is the largest domestic producer of electricity from renewable sources. PGE is the leader of changes in the Polish energy industry. In its new strategy, PGE Group outlines a plan for the Group's transition to decarbonised energy generation and sets the target of climate neutrality by 2050. PGE Group's investment plan encompasses the largest offshore wind energy investments in Poland. PGE Group's offshore program includes the development of two offshore wind farms with a total capacity of up to 2.5 GW by 2030.