Joint Venture Formed

On 6 May 2021, PGE’s capital group and Danish state-owned energy company Ørsted completed the formation of a 50/50 joint venture in Elektrownia Wiatrowa Baltica – 2 sp. z o.o., the project company developing the Baltica offshore wind assets, as well as in Elektrownia Wiatrowa Baltica – 3 sp. z o.o. The structure gives each partner an equal share in the project companies. The transaction closed after Poland’s competition authority (UOKiK) had issued merger clearance on 12 March 2021. This joint venture combines PGE’s position as Poland’s largest power utility and offshore wind leader with Ørsted’s global offshore wind expertise, creating the vehicle that will own and develop the Baltica 2-related projects, including the Baltica 2+ area, under a shared governance and investment framework.