Joint Venture Formed

In May 2021, Ørsted and PGE Polska Grupa Energetyczna formalised a 50/50 joint venture agreement to develop the Baltica Offshore Wind Farm, comprising the Baltica 2 and Baltica 3 phases in the Polish Baltic Sea. Under this agreement the two companies jointly own and develop the project, pooling PGE’s role as Poland’s main utility with Ørsted’s offshore wind experience. Baltica 2, at around 1.5 GW, and Baltica 3, at around 1 GW, together form a 2.5 GW complex that will support Poland’s offshore wind build-out and wider energy transition. The joint venture agreement builds on a partnership first established in 2019 and provides the ownership framework under which all subsequent development, contracting and construction of Baltica 2 is being executed.