The Management Board of the company Polenergia S.A. (“Issuer“) announces that on 19 May 2025, the shareholders of the companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (“Project Companies“), i.e., the Issuer and Equinor Wind Power AS, adopted shareholders’ resolutions of the Project Companies on making Final Investment Decisions (FID) commencing the construction phase of the offshore wind farms (MFW) Bałtyk II and Bałtyk III and approving budgets and development plans of the above projects for the construction phase (“Business Plan“).
MFW Bałtyk II and MFW Bałtyk III are offshore wind farm projects with a planned maximum capacity of 720 MW each, implemented by the Issuer jointly with the Equinor group under the joint venture formula, in which each partner holds a 50% stake.
According to the approved Business Plan, completion and commissioning of the projects is planned for the first half of 2028 for Bałtyk II and the second half of 2028 for Bałtyk III. The first power generation from both projects is planned for 2027.
The total capital expenditures and operating expenses in the construction phase projected in the Business Plan (excluding financing costs during construction) will reach ca. EUR 3.2 billion for MFW Bałtyk II and ca. EUR 3.2 billion for MFW Bałtyk III, the JV partners being responsible for providing financing in equal shares.
The project will be implemented under the project finance formula provided by a syndicate of Polish and international financial institutions. Repayment of project finance will be based on future cash flows generated by the Bałtyk II and Bałtyk III projects.
As at the date of the report, the Issuer’s Management Board anticipates that the Issuer’s equity contribution to the projects will be financed with funds from the National Recovery and Resilience Plan under the loan granted to the Issuer by Bank Gospodarstwa Krajowego S.A., which was reported by the Issuer in current report No. 65/2024 dated 18 December 2024, green bonds issued by the Issuer under the program, the establishment of which was reported by the Issuer in current report No. 37/2024 dated 11 July 2024, the Issuer’s equity funds and settlements relating to energy generated and fed into the grid during the technological start-up period (prior to the loan period for the project) before reaching the operational phase.
legal basis: Article 17(1) of the Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
Szanowny użytkowniku, w zgodzie z założeniami RODO potrzebujemy Twojej zgody na przetwarzanie danych osobowych w tym zawartych w plikach cookies. Dowiedz się więcej.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.
