Stake Transaction

On 29 January 2021, Northland Power Inc. announced it had entered into an agreement with PKN ORLEN S.A. to acquire a 49% equity interest in the Baltic Power offshore wind project in the Baltic Sea. The transaction gives Northland a minority stake in a mid‑development stage project with potential capacity of up to 1,200 MW, located about 23 km offshore Poland. PKN ORLEN retains the remaining interest. The deal positions Northland as ORLEN’s strategic partner for co‑developing Baltic Power and allows Northland to expand its European offshore wind portfolio while entering the growing Polish offshore wind market. Inclusive of the purchase price, Northland indicated it expected to invest approximately PLN 290 million in Baltic Power development during 2021, though the release did not break out a specific acquisition price for the 49% stake.