January 25, 2021 Read More →

Three Polish utilities join forces to develop country’s offshore wind resources

S&P Global Market Intelligence ($):

Three of Poland’s state-controlled utilities signed a letter of intent Jan. 18 to cooperate in the development of new offshore wind projects in the Baltic Sea.

Under the terms of the cooperation, PGE Polska Grupa Energetyczna SA, Tauron Polska Energia SA and Enea SA will establish a special purpose vehicle to jointly decide the location and financing for future offshore projects, Artur Soboń, Poland’s deputy state assets minister, told a news conference.

The cooperation agreement does not include projects already under development, PGE CEO Wojciech Dąbrowski said. “The letter of intent and the idea of establishing a special purpose vehicle will concern new investments, for which we will apply jointly, for the right to build artificial islands in the Baltic,” he said. “Our task is to ensure that Polish companies and the Polish economy benefit as much as possible by implementing these large investments.”

The investments will amount to 140 billion zlotys to 150 billion zlotys to help build 11 GW of capacity, Dąbrowski said.

Poland’s fourth utility, Energa SA, which was bought last year by the country’s largest refiner, Polski Koncern Naftowy Orlen SA, is not party to the agreement.

Last week, Poland’s parliament wrapped up approval of a new Offshore Wind Act that will award an estimated 32 billion zlotys in support for the construction of 10.9 GW of capacity over the next decade. The first projects are expected to be ready in 2025.

[Adam Easton]

More ($): Polish utilities sign offshore wind cooperation agreement

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