Ørsted and PGE take final investment decision on Baltica 2 Offshore Wind Farm
Baltica 2, which will be located approx. 40 km off the Polish coast near Ustka, is expected to be fully commissioned in 2027.
Ørsted and PGE have taken final investment decision (FID) on the 1.5 GW Baltica 2 Offshore Wind Farm, which will be built, owned and operated in a 50/50 partnership between Ørsted and Poland’s largest energy company PGE Polska Grupa Energetyczna.
Baltica 2 has a 25-year inflation-protected contract for difference (CfD) in place with the Polish state. The wind farm has obtained all permits and has signed a grid connection contract with the Polish transmission system operator PSE.
All major component and vessel contracts for Baltica 2 have been signed, locking in the majority of the project’s CAPEX, which significantly derisks the project.
Rasmus Errboe, Deputy CEO and Chief Commercial Officer at Ørsted, said: “With today’s announcement, we’re ready to build Baltica 2, a flagship project for offshore wind in Poland. We’re satisfied with the value creation of the project, which has an attractive risk-reward profile.”
Dariusz Marzec, CEO of PGE, said: “The Baltica 2 offshore wind farm, the largest renewable energy project currently under development in the Baltic Sea, will diversify Poland’s energy production, enhance energy security, and provide cleaner and more affordable energy. This investment represents a significant step in Poland’s energy transition and serves as a major boost to economic development, attracting new investments to the entire Polish economy and helping to create new jobs”.
Agata Staniewska-Bolesta, Managing Director of Offshore Poland at Ørsted, said: “The development of offshore wind energy is a key element for Poland’s energy transition, which will strengthen the country’s energy security. As Poland’s largest-ever renewable energy project, Baltica 2 will lead the way for Poland’s transition to green energy, producing green electricity to meet the needs of approximately 2.5 million Polish households and deliver first power in 2027.”
Poland’s energy policy until 2040 singles out offshore wind as a key technology to make Poland a low-emission economy. With its Offshore Wind Act, Poland has committed to installing 5.9 GW offshore wind by 2030, and 11 GW by 2040.
