Polish energy group Polenergia SA (WSE:PEP) this week presented its 2020-2024 strategy that bets on achieving organic growth through investments in the solar, onshore and offshore wind segments.
The Polish company will back the plan with an investment of at least PLN 500 million (USD 120m/EUR 109.6m), which does not include outlays on the construction of offshore wind projects. It said in a press release on Monday that part of the funds to support the strategy are already in place.
Polenergia will strive to have 821 MW of operational capacity by 2024, of which 315 MW will come from onshore wind and solar photovoltaic (PV) projects. It currently has four onshore wind schemes in development, with a combined capacity of 199 MW, while an additional 82 MW are pending approval. Meanwhile, work is progressing on the 38-MW Szymankowo onshore wind farm in Pomeranian Voivodeship, which entered construction in November 2019, and the implementation contracts for onshore wind projects secured in last year’s auction are being prepared. The company said it may take part in Poland’s renewables auction in 2020 with its 13-MW Pieklo wind scheme and with 27 MW of solar PV projects.
In the offshore wind segment, Polenergia is partnering with Norway’s Equinor ASA (NYSE:EQNR) in the Baltyk Srodkowy II (BSII) and Baltyk Srodkowy III (BSIII) projects in the Baltic Sea totalling 1,440 MW. They expect to become ready to initiate construction on the first one of these by 2023.
“After the full implementation of the strategy, we will strengthen our position among the leaders of the renewable energy market,” said CEO Michal Michalski. He highlighted the company’s goal to improve its financial performance and lift its installed power generation capacity through renewables investments and added its development plans also envisage involvement in hydrogen production. Its expansion will also include the addition of new services such as solar systems for prosumers and electric car charging stations. The development of advanced gas technologies is a key part of the strategy, as well.
Polenergia noted that its current operations have not been impacted by the COVID-19 pandemic. The crisis' effects on the offshore wind projects, however, have still not been evaluated.
(PLN 1.0 = USD 0.240/EUR 0.219)
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