Orsted, PGE finalise decision to invest in wind farm off Poland
Posted By Global Banking and Finance Review
Posted on January 29, 2025
![Orsted, PGE finalise decision to invest in wind farm off Poland](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fv0gkry1w%2Fproduction%2Fb931e8932befbafc8828a22c2456f2393ef94342-788x443.webp&w=1200&q=75&dpl=dpl_xxpY6RgpbTYzy6i7PJ9wuGXK81hC)
HELSINKI (Reuters) - Poland's PGE and Denmark's Orsted have taken the final decision to build Baltica 2, a 1.5-gigawatt offshore wind farm on Poland's Northwestern coast, the companies said on Wednesday.
Both companies will own 50% of the farm which is expected to be fully commissioned in 2027, a joint statement read.
"All major component and vessel contracts for Baltica 2 have been signed," the statement said, adding that most of the project's capital expenditure was locked in.
Orsted and Poland's largest power group, state-controlled PGE, in 2021 decided to develop two offshore wind farms totalling 2.5 Gigawatts.
PGE has said it expects power from Baltic Sea wind farms to account for 40% of its electricity generation in 2040.
(Reporting by Essi Lehto; Editing by Alison Williams and Hugh Lawson)