Polenergia finalized agreement with Equinor

• Acquiring a reputable investor guarantees the implementation of Polenergia’s offshore wind farms;
• Implementation of offshore projects in the Baltic Sea will provide new generation capacities, so needed in the Polish power system;
• Polenergia has the already signed connection agreement as well as two valid environmental decisions for the construction of offshore wind farms with the total capacity of 1,200 MW.

In March 2018 Polenergia started a cooperation with Equinor (former Statoil), which assumed the joint implementation of offshore wind farms in the Baltic Sea. Signing of the final investment agreement was subject to obtaining a consent of the President of the Office of Competition and Consumer Protection to the transaction as well as registering an increase of the capital of Polenergia Bałtyk II and Polenergia Bałtyk III. Only two months after signing of a preliminary agreement, two key conditions were met, which enabled signing of the promised agreement transferring the ownership of half of the shares in both companies to Equinor on 22nd May 2018. At the same time, Polenergia and Equinor signed agreements regarding the development and implementation of offshore wind farm projects in the Baltic Sea.

Polenergia as the first and only entity in Poland currently has two valid environmental decisions as well as the already signed connection agreement, which enable working on the technical projects of two offshore wind farms with the total capacity of 1,200 MW. Owing to very good wind conditions in the Baltic Sea, it will be possible to use energy more efficiently and reduce the wear on equipment, making offshore wind farms a stable source of renewable energy.

Polenergia Bałtyk II and Polenergia Bałtyk III wind farms are a strategic investment that will allow not only the company, but above all the Polish economy to obtain a number of significant economic benefits. Poland is a market with a high growth potential, which is well prepared for the development of strong offshore wind energy. Expert calculations show that the construction of wind farms with the total capacity of 6,000 MW in the Baltic Sea by 2030 could cause the Polish GDP to grow by PLN 60 billion and the market to increase by additional 77 thousand new jobs.