The Bałtyk 2 and 3 projects represent the largest private energy investment in Poland, elevating Polenergia to a whole new level of development. These offshore wind farms will nearly triple our EBITDA by 2030, significantly increasing the value of our group. We have secured funding for the construction of both projects from major Polish and international financial institutions on very favorable terms.
Polenergia, in collaboration with Norwegian partner Equinor, is developing three offshore wind farm projects in the Baltic Sea with a total capacity of up to 3 GW. These projects could supply renewable energy to 4 million households in Poland, supporting the country’s green transition and enhancing energy independence. The Baltic 2 and Baltic 3 projects, for which final investment decisions have been made, are expected to deliver green energy to over 2 million households by 2028.
Polenergia has confirmed its results for the first quarter of 2025. As anticipated, the onshore wind farm segment achieved an EBITDA of PLN 137.1 million, influenced by lower year-on-year electricity prices and weaker wind conditions. Meanwhile, the photovoltaic segment saw growth, with EBITDA rising to PLN 3.1 million, partly due to increased solar energy production following the launch of the Strzelino project last year. Polenergia is set to significantly expand its photovoltaic capacity, with the technological start-up of its largest photovoltaic farm, Szprotawa, with a total capacity of 67 MW. Once licensed for electricity production, this will increase the total photovoltaic capacity of Polenergia’s portfolio by 82% to 149 MW, bringing the group’s total renewable energy capacity to 641 MW.
We close the first quarter with solid results, particularly in light of prevailing market conditions. To minimize market risks and ensure stable future cash flows, we prioritize long-term price hedging for the energy produced by our farms. Already, we have secured 89% of production for 2026 at prices higher than current market rates.
In addition to photovoltaics, the trading and sales segment also recorded an EBITDA increase, reaching PLN 21.2 million. The distribution segment reported an EBITDA of PLN 13.3 million, while the gas and clean fuels segment achieved PLN 1.7 million. The unallocated segment showed a negative EBITDA of PLN -14.5 million.
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