An overview of legal and practical considerations surrounding renewable energy project development in Poland, including project finance transaction structures and distributed and residential renewable energy.
Thursday, 11 February 2021
Ørsted and PGE Polska Grupa Energetyczna. have signed an agreement to form a 50/50 joint venture for the development, construction and operation of two offshore wind projects in the Baltic Sea with a total potential capacity of up to 2.5 GW. Block Island Wind farm off the coast of Rhode Island (Ørsted)
Ørsted will subscribe for new shares representing 50% of the total share capital in PGE’s two offshore wind projects, Elektrownia Wiatrowa Baltica-3 sp. z o.o. (‘Baltica 3’) and Elektrownia Wiatrowa Baltica-2 sp z o.o. (‘Baltica 2). Baltica 3 has a capacity of approximately 1 GW and Baltica 2 has a capacity of approximately 1.5 GW. The subscription price for the newly issued shares in Baltica 2 and 3 will amount to a total of PLN 657 million.