Equity Funding Round

On 10 February 2021, Ørsted and PGE Polska Grupa Energetyczna signed an agreement to form a 50/50 joint venture for the development, construction and operation of the Baltica offshore wind projects, including Baltica 3 (Elektrownia Wiatrowa Baltica-3 sp. z o.o.). Under the agreement, Ørsted will subscribe for new shares representing 50% of the total share capital in the Baltica 3 and Baltica 2 project companies. The subscription price for these newly issued shares across both projects totals PLN 657 million, providing a substantial equity injection to fund pre-construction and development activities. The transaction was subject to regulatory approval and expected to close in Q1 2021, but the equity commitment and JV framework were established on the signing date.