Polish trio signs conditional deals for offshore wind development

Polish utility PGE Polska Grupa Energetyczna SA (WSE:PGE) on Thursday announced plans to build four offshore wind farms in Polish waters in cooperation with local peers Tauron Polska Energia SA (WSE:TPE) and Enea SA (WSE:ENA).

In a statement, Wojciech Dabrowski, president of the management board of PGE, noted that the company will develop three projects with Enea and one with Tauron.

The trio initially expressed their will to cooperate in this field in January 2021 when they signed a letter of intent. Now, they have entered into conditional agreements for the sale of shares in four project companies looking to secure location permits for the construction of said plants in the Polish Exclusive Economic Zone in the Baltic Sea. Signing preliminary deals is conditional upon receiving the approval of the Office of Competition and Consumer Protection (OCCP), which is already processing the two applications.

As included in its strategy published in the autumn of 2020, PGE aims to develop at least 6.5 GW of offshore wind by 2040. Currently, it is preparing schemes for a combined capacity of about 3.5 GW and hopes to acquire the relevant location permits for more.

At the same time, Tauron is looking to have 1 GW of offshore wind farms in the Baltic Sea in 2030.

“We realize that without wind farms in the Baltic Sea, the replacement of coal sources will be virtually impossible,” said Artur Michałowski, acting president of the board of Tauron Polska Energia.

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