Poland: PKN ORLEN selects strategic partner for Baltic offshore wind farm project
01 Feb 2021
Canadian Northland Power will be
PKN ORLEN’s strategic partner for its offshore wind farm project in the Baltic Sea. The Partnership will be responsible for the preparation, development and operation of the offshore wind farm with a capacity of up to 1.2 GW. Northland Power Inc. will ultimately acquire a 49% interest in the project, due to start in 2023 and scheduled for commissioning in 2026. The selection of a partner for our offshore wind farm is a milestone in this pioneer project for the region. By combining our local experience, gained in the advanced preparatory work, with the global offshore wind expertise of Northland Power Inc., we will be well placed to quickly and effectively deliver subsequent stages of the project. We are happy to have found a partner whose business model and vision for energy transition are in line with the ORLEN Group’s long-term plans. Our cooper
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Northland Power Announces Acquisition of a 49% Interest in Baltic Power Offshore Wind Project .
Northland Power Inc.January 29, 2021 GMT
TRANSACTION HIGHLIGHTS
Continuation of Northland’s strategy of leveraging its top ten offshore wind sector position globally to expand its offshore wind portfolio
Partnership delivers scale and opportunity to enter growing offshore wind market in Central Europe
Poland provides an attractive investment destination, with clear roadmap for offshore wind and other renewable technologies such as onshore wind and solar
Project expected to benefit from long-term, 25-year revenue contract
Northland Power Inc.
Northland Power Announces Acquisition of a 49% Interest in Baltic Power Offshore Wind Project in Poland With Potential Capacity of Up to 1200 MW
Northland Power Announces Acquisition of a 49% Interest in Baltic Power Offshore Wind Project in Poland With Potential Capacity of Up to 1200 MW
Northland continues to expand its European offshore wind footprint with a strategic partnership in Poland
TRANSACTION HIGHLIGHTS
Continuation of Northland’s strategy of leveraging its top ten offshore wind sector position globally to expand its offshore wind portfolio
Partnership delivers scale and opportunity to enter growing offshore wind market in Central Europe
Poland provides an attractive investment destination, with clear roadmap for offshore wind and other renewable technologies such as onshore wind and solar
Friday, 29 January 2021
Northland Power Inc. has entered into an agreement with PKN ORLEN. to acquire a 49% interest (subject to regulatory approvals) in the Baltic Power offshore wind project in the Baltic Sea with a total capacity of up to 1,200 megawatts (MW) of offshore wind generation. Baltic Power is a mid-development stage project located approximately 23 kilometers offshore from Poland’s coast in the Baltic Sea. The project, which secured its location permit, signed its grid connection agreement as well as filed its environmental permit in 2020, allows Northland to capitalize on the growth in renewable energy demand in a growing Central European market. Inclusive of the purchase price, Northland expects to invest approximately PLN 290 million (CAD $100 million) towards the Baltic Power development in 2021, of which, some of this amount represents development expenditures that will be spent throughout 2021.
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TRANSACTION HIGHLIGHTS
Continuation of Northland s strategy of leveraging its top ten offshore wind sector position globally to expand its offshore wind portfolio
Partnership delivers scale and opportunity to enter growing offshore wind market in Central Europe
Poland provides an attractive investment destination, with clear roadmap for offshore wind and other renewable technologies such as onshore wind and solar
Project expected to benefit from long-term, 25-year revenue contract
Strategic partner PKN ORLEN, Poland s largest company provides significant local presence
TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) Northland Power Inc. ( Northland ) (TSX:NPI) announced today that it has entered into an agreement with PKN ORLEN S.A. ( PKN ORLEN ) (WSE: PKN) to acquire a 49% interest (subject to regulatory approvals) in the Baltic Power offshore wind project in the Baltic Sea ( Baltic Power ) with a total capacity of up to 1,200 megawatts (MW) of offshore wind generation.