PKN Orlen and Northland Power finalize Polish offshore wind deal
Northland Power and PKN Orlen have finalized their strategic partnership under which Northland Power is acquiring a 49% stake in the 1.2 GW Baltic Power offshore wind project in Poland.
After fulfillment of the conditions precedent, including merger clearance, stipulated in the joint venture agreement signed in January, NP Baltic Wind B.V., a subsidiary of Northland Power, has subscribed for the shares in Baltic Power.
PKN Orlen will retain a 51% stake in the 1.2 GW project, while the parties will jointly develop the wind farm.
Construction is expected to commence in 2023 and end in 2026 at an area of approximately 131 km2 located approximately 23 km north of the Baltic Sea coastline, in the vicinity of Choczewo and Łeba.
“As the cooperation between PKN ORLEN and Northland Power has fully come into being, we are opening a new chapter in the development of offshore wind power generation in the Baltic Sea,” said Daniel Obajtek, President of the PKN ORLEN Management Board.
“By 2026, we will begin to supply Polish homes with clean energy from the sea, yet the experience and know-how we will have gained while implementing the project are no less important to us.”