Poland has great ambitions in the offshore wind market and has thus committed to installing 5.9 GW of offshore wind by the end of 2030 and 11 GW by the end of 2040 with an offshore wind law.
These ambitions are being helped to be realised by Ørsted and Poland's largest energy company, PGE Polska Grupa Energetyczna, through the Baltica 2 joint venture, which is now on its way to the 1.5 GW offshore wind farm of the same name. It will be built approximately 40 km off the Polish coast near the town of Ustka in the Polish part of the Baltic Sea. On Wednesday evening, the partners made the final investment decision for the project, which is expected to be fully operational in 2027, Ørsted said in a press release.
- With today's announcement, we are ready to build Baltica 2, which is a flagship project within offshore wind in Poland. We are satisfied with the value creation in the project, which has an attractive risk/return profile. I would like to thank the Polish government for its support, and I would also like to thank our partner, PGE, for the cooperation that has brought us to this day. Together we are writing a new chapter in the history of the Polish energy sector, and we are establishing an industry that will create jobs and industrial development in Poland for decades to come, says Rasmus Errboe, Deputy CEO and Commercial Director of Ørsted.
Contracts in place
All contracts for essential components and vessels for Baltica 2 have been signed, locking in the majority of the project's CAPEX and thus significantly limiting the risk of the project. Among other things, Baltica 2 has entered into a 25-year inflation-linked contract for difference (CfD) of EUR 71.82 per MW with the Polish state. This price will be adjusted for inflation annually.
- The Baltica 2 offshore wind farm is the largest renewable energy project under development in the Baltic Sea, and it will help diversify Poland's energy production, strengthen energy security and provide cleaner and cheaper energy compared to fossil fuels. The investment, which is an important step in Poland's energy transition, says Dariusz Marzec, CEO of PGE.
Baltica 2 will consist of 107 of Siemens Gamesa's 14 MW SG 14-222 DD wind turbines, which will be installed by Cadeler and Fred. Olsen Windcarrier, while Van Oord will install the foundations and offshore substations. The Port of Gdansk will be the base for storage, pre-assembly and installation of wind turbine components offshore.
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