Ørsted, PGE close joint venture agreement for 2.5 GW Polish offshore wind projects

With the closing of the agreement, PGE and Ørsted now each own 50% of the shares in the offshore wind projects Baltica 2 and Baltica 3, together comprising the Baltica Offshore Wind Farm, the largest offshore wind project in the Polish part of the Baltic Sea. The partners will jointly build and operate the offshore wind farms which will have a total installed capacity of up to 2.5 GW.

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 a 50% stake in the two project companies.

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.