Equinor Acquires 50% Stake in 1560 MW Offshore Wind Project

Equinor has completed the acquisition of a 50 percent interest in the offshore wind development project Bałtyk I in Poland from Polenergia.

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Norwegian multinational energy company Equinor has announced that it has completed the acquisition of a 50 percent interest in the offshore wind development project Bałtyk I in Poland from Polenergia. The company now has an interest in all three Bałtyk offshore wind development projects (MFW Bałtyk III, MFW Bałtyk II, MFW Bałtyk I).

“The acquisition of Baltyk I strengthens our presence in the Baltic Sea area. With interest in all three - Baltyk I, II and III projects, we have the opportunity to build scale and value in what we see as an important energy region,” said Jens Økland, senior vice president for business development in New energy solutions in Equinor.

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The Bałtyk I offshore location license allows for the development of a wind farm with a capacity up to 1560 MW of which Equinor will hold 50 percent. Equinor will be the manager for the construction preparation and the potential construction and operational phases.

In 2018 the firm had acquired a 50percent interest in the offshore wind development projects Bałtyk II and Bałtyk III which have a combined planned capacity of 1440 MW with the potential to power more than two million Polish households. Later last year, the firm decided to exercise an option to acquire a 50 percent interest in the Bałtyk I offshore wind development project, and this transaction is now concluded.

“Poland is an important market for Equinor and we are pleased to continue our partnership with Polenergia, which is an experienced energy company with an in-depth knowledge of the Polish energy market,” said Økland.

The two companies have a 50/50 joint venture and are working together to mature the Baltyk projects towards construction.

In October, Equinor had entered into an agreement for the sale of 25 percent ownership (94-95 MW) interest in the Arkona offshore wind farm off the coast of Germany, to funds advised by Credit Suisse Energy Infrastructure Partners for a total amount of approximately EUR 500 million.