Joint Venture Formed

PGE Polska Grupa Energetyczna and Ørsted established a 50/50 joint venture structure for the Baltica Offshore Wind Farm, covering both the Baltica 2 and Baltica 3 projects in the Polish Baltic Sea. This followed earlier negotiations launched after a December 2019 memorandum of understanding that envisaged the sale and purchase of 50% of shares in PGE’s two special purpose vehicles developing the projects. In May 2021, the parties finalised the agreement to create joint ventures for Baltica 2 and Baltica 3, formalising shared ownership and co-development responsibilities for the approximately 2.5 GW offshore wind complex, including the 1,036 MW Baltica 3 phase. Under the arrangement, PGE and Ørsted each hold a 50% stake and will jointly develop, construct, and operate the projects through the SPVs.