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Polenergia develops new capacity and contracts 80% of its 2027 power output

Opublikowano 22 May 2026

Polenergia, Poland’s largest private energy group, generated nearly PLN 925 million in consolidated sales revenues in the first quarter of 2026, while delivering adjusted EBITDA of PLN 155.4 million and net profit of PLN 60.4 million. The stable performance of the group’s operating business was accompanied by progress in large-scale investments, including the Bałtyk 2 and Bałtyk 3 offshore wind farms, onshore wind projects in Romania, as well as new capacity projects in Poland such as the Rajkowy solar farm currently under construction in Pomerania. At the same time, Polenergia continued to secure its revenues for coming years, including by signing new PPAs in the first quarter of 2026, while also streamlining the group and exiting businesses that did not support its long-term growth strategy.

In the first quarter, offshore works commenced on the Bałtyk 2 and Bałtyk 3 wind farms, which we are developing jointly with Equinor - projects that will add 1.44 GW to Poland’s power system and supply electricity to around two million households. The works included, among other things, subsea rock installation on the seabed to protect the farms’ infrastructure. These activities are progressing according to plan, which recently enabled the successful installation of the first turbine foundations at the offshore construction site. At the same time, visible progress has also been made on the onshore part of the projects, both during the first quarter of this year and in the following weeks. In this way, a landmark undertaking for Polenergia is becoming a reality - one that will also strengthen Poland’s energy security, whose importance is particularly evident in the current geopolitical environment.

Adam Purwin

CEO of Polenergia

Together with Equinor, Polenergia is also developing the Bałtyk 1 offshore project, which at the end of 2025 won a CfD securing electricity sales for 25 years. With a planned capacity of up to 1.56 GW, the project remained under further development in the first quarter of 2026, including procedures aimed at obtaining construction permits, as well as analyses of technical concepts and wind farm layout. In addition, the project received an environmental decision for its grid connection infrastructure during the quarter.

Polenergia is also advancing large-scale onshore projects. In the first quarter, installation of components continued at the 35 MWp Rajkowy photovoltaic farm, which had already won a renewable energy auction in 2023. The plan assumes completion of construction in the fourth quarter of this year.

Polenergia is also pursuing onshore energy projects abroad – in one of Romania’s windiest regions. There, through its subsidiary, the company is carrying out development work related to a portfolio of onshore renewable energy farms with a total grid connection capacity of up to 685.6 MW. Activities in the first quarter included procedures related to obtaining permits for grid connection infrastructure, land acquisitions, as well as additional technical, environmental and ESG analyses. The project is expected to reach readiness for a final investment decision in 2027.

In Poland, Polenergia operates wind and PV farms with a total installed capacity of 642 MW, which generated 337 GWh of green electricity in the first quarter of this year. Following the completion, at the end of January, of the sale of its gas-fired CHP plant in Nowa Sarzyna for PLN 139.7 million, all electricity produced by the group is now based exclusively on renewable sources. The sale of that company was also part of the asset portfolio streamlining process underway since 2025, aimed at ensuring the portfolio supports future revenues, delivers target rates of return, and is aligned with the 2025-2030 strategy. Another outcome of this review was the sale of Polenergia Fotowoltaika, a company from the prosumer segment, which was finalized in the second quarter.

In the first quarter of 2026, the Polenergia group generated adjusted EBITDA of PLN 155.4 million and net profit of PLN 60.4 million. Excluding adjustment effects related, among other things, to the positive result on the sale of the gas-fired CHP plant in Nowa Sarzyna, EBITDA amounted to PLN 126 million. Adjusted net profit came in at PLN 14.8 million. The first-quarter 2026 results were affected, among other factors, by less favorable electricity price conditions and lower wind speeds compared with the prior-year period, which translated into lower power generation volumes. According to Polenergia’s analyses based on historical data spanning decades, similar periods of reduced windiness have occurred in the past and were followed by returns to more favorable wind conditions.

The first-quarter results reflect the group’s stable performance despite a demanding environment and while developing ambitious large-scale energy projects, which are expected to result in several-fold business growth and PLN 1.6 billion of EBITDA in 2030. We operate in an environment where both operational efficiency and risk management matter, which is why we consistently hedge future revenues and exposure to key market factors. At the end of March, 83% of our debt was hedged against interest rate risk. At the same time, we maintain a solid liquidity position, with more than PLN 1 billion in cash at the end of the first quarter, while continuing to grow the business on the basis of strong fundamentals and predictable cash flows.

Piotr Sujecki

CFO of Polenergia

As part of building revenue predictability, Polenergia is consistently delivering on its strategy, under which growth in the most promising renewable energy segments is to be based on revenues secured through long-term PPAs and CfDs. For 2027, Polenergia has already contracted 80% of its forecast electricity generation at an average price of PLN 402/MWh (net of profile costs).

We are consistently executing a strategy focused on the most promising segments of the renewable energy market and on securing long-term revenue streams. Progress in offshore, onshore projects in Poland and Romania, as well as the growing share of long-term contracts, demonstrate that we are building a predictable business ready to capture the opportunities created by an increasingly electrified economy. In the current geopolitical environment, stability and security of energy supply are becoming a key competitive advantage, and the importance of large-scale renewable projects and long-term contracts is clearly increasing.

Adam Purwin

CEO of Polenergia

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