Polenergia today stands on strong foundations. A stable, well-functioning business and accumulated cash allow us to pursue ambitious plans with certainty and confidence. We are entering a phase of dynamic growth – accelerating in large-scale energy projects, and we are ready with the largest and most advanced Phase II offshore project for the December auction. This is our strategic direction – clean energy, large scale, and a real impact on Poland’s energy transition.
In cooperation with Equinor, Polenergia is building the offshore wind farms Bałtyk 2 and Bałtyk 3 with a capacity of 1.44 GW, which will be able to supply more than 2 million Polish households with green energy. In the first half of the year, the companies made final investment decisions and closed financing for these projects.
Construction of the onshore part of Bałtyk 2 and Bałtyk 3 is now underway, while seabed clearance from boulders is being carried out in preparation for installation works scheduled for next year. In addition, Bałtyk 1 – the largest and most advanced project of the second phase of offshore wind development in Poland – is being prepared for auction. On the day the Energy Regulatory Office announced the auction date, Polenergia and Equinor submitted a pre-qualification application for the project, which is expected to have a capacity of up to 1.56 GW.
Thanks to our efforts, Bałtyk 2 and Bałtyk 3 are predictable, fully secured projects that we are implementing on schedule. We are building them without the need for a share issue and with record project finance in the Polish energy sector.
We have fully secured our equity contribution, reserves protecting us against potential cost increases, and we are also hedged against interest rate risk. This is the result of an operation carried out in April, which, although it involved a one-off cost of around PLN 30 million, allowed us to save more than PLN 100 million on equity contribution.
Polenergia Group is also continuing its onshore expansion. In recent days, it launched the largest photovoltaic farm in its portfolio, increasing installed renewable energy capacity to 642 MW. The Szprotawa power plant, with a total capacity of 67 MW, is capable of supplying green energy to around 35,000 households.
The company has also made a final investment decision for the Rajkowy farm project with a capacity of 35 MW. In addition, Polenergia has a well-developed pipeline of onshore wind and PV projects in development in Poland. In total, this represents more than 2.3 GW of energy, which forms the basis for the Group’s further growth. Energy storage projects with a total capacity of around 500 MW are also being developed.
We are currently focusing on starting construction of the 35 MW Rajkowy photovoltaic farm and completing development work on the 48.3 MW Bądecz wind farm project. The future implementation of BESS solutions will allow better management of energy surpluses and increase the efficiency and economic value of our renewable assets.
We are currently analyzing available technologies and possible forms of investment support. The first storage projects could reach construction readiness at the turn of 2025 and 2026.
An important element of the Group’s efficiency improvements and strategy execution is also business streamlining. As announced, Polenergia is gradually withdrawing from non-core areas that do not align with its current large-scale projects and do not deliver satisfactory returns. The company has recently written down assets related to Polenergia Fotowoltaika and Polenergia H2Hub Nowa Sarzyna.
These are one-off, non-cash events that do not affect EBITDA or the operating activities of either company. A merger of Polenergia Obrót and Polenergia Sprzedaż is also planned. The goal is to increase the share of PPAs for companies seeking green energy sources and effectively commercialize its own generation assets. Already today, the company has 89 percent of its energy contracted for 2026 at prices higher than current market levels.
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