Norwegian energy company Equinor has signed an agreement with Polish energy company Polenergia to acquire 50% stake in Bałtyk I, a 1.56GW offshore wind project, to be located in the Baltic Sea.
Image: Equinor to acquire stake in Polish offshore wind farm. Photo: Courtesy of Equinor ASA.
Polenergia Bałtyk I is the third project to be undertaken by Polenergia and Equinor. The offshore project is in an early stage of implementation.
The two companies will form a 50/50 joint venture to take the project towards final investment decision (FID), with Equinor being the manager for the construction preparation and potential construction and operational phases.
The project which will be located 81km from the port in Łeba, at water depths ranging between 25 and 35m. Polenergia stated that the location has good wind conditions.
Equinor new energy solutions strategy and business development senior vice president Jens Økland said: “We are very pleased to further deepen our presence in Poland and to work with Polenergia, which is an experienced energy company with an in-depth knowledge of the Polish energy market. This acquisition strengthens our presence in the Baltic Sea area giving opportunities for scale and synergies in a longer perspective.”
Equinor stated the transactions with Polenergia could be closed, subject to consent of the President of the Office of Competition and Consumer Protection in Poland, as of December this year.
In May this year, the Norwegian company agreed to acquire 50% stake in MFW Bałtyk II and MFW Bałtyk III. These two projects have a planned capacity of 1.2GW. Once operational these wind farms can generate enough electricity to be supplied to more than two million Polish households.
Polenergia stated that these wind farms support the Polish economy in achieving several significant economic advantages. It is estimated that by 2030, Poland’s offshore wind could be reach up to 6GW, contributing to nearly 77,000 new jobs.
Presently in Europe, the capacity of offshore wind farms has already exceeded 15GW. As per estimates, by 2030, the whole continent could see installations reaching between 50GW and 70GW.