Polenergia Moves Closer to New Prospective Offshore Projects

Poland’s largest privately owned energy group is preparing strategic offshore renewable energy projects that will strengthen the country’s energy security and independence. Polenergia, whose consolidated revenues for the first three quarters of 2025 reached PLN 3.232 billion (up 7% y/y), is expanding energy sales through PPA contracts alongside its other green energy sources – onshore wind farms and photovoltaic farms.

In line with Polenergia Group’s 2025–2030 strategy, we focus on development in prospective areas of the renewables sector, which is intended to support long-term value creation for shareholders while delivering attractive returns and stable financial results. We see these opportunities in offshore projects, which are a key component of the entire Polish energy system. We are convinced that only offshore wind - a large-scale energy source - can realistically fill the gap left by decommissioned old power units within a short timeframe.

Offshore is becoming part of a long-term economic strategy and provides a real opportunity to reinforce the country’s energy security. Polenergia and Norway’s Equinor are jointly developing the Bałtyk 2 and 3 projects with a total capacity of 1.44 GW, which will start delivering first power in two years, with full commercial operation planned for 2028.

Adam Purwin

CEO of Polenergia S.A.

After the first three quarters of 2025, Polenergia Group’s revenues amounted to PLN 3.232 billion, up PLN 215.7 million y/y, driven in part by higher revenues in the trading and sales segment (up PLN 372.7 million). Despite pressure from declining electricity and green certificate prices as well as unusually low wind conditions in Q1 2025, the Group achieved EBITDA of PLN 402.1 million and adjusted net profit of PLN 54.7 million. In May, the company finalized a record-breaking project finance facility exceeding EUR 6 billion – the largest in the history of the Polish energy sector.

The results for the first nine months also include one-off costs related to closing the offshore financing. Considering the challenging market conditions we operate in, we regard these results as solid and aligned with our expectations. Beyond offshore projects, we will continue expanding our onshore wind generation capacity in Poland, as well as photovoltaic projects with energy storage.

As an energy company, we are convinced that Polish energy can be clean, safe and independent. For this reason, we are developing activities that support the country’s green energy transition, using innovative solutions that enhance the efficiency of renewable energy generation.

Piotr Sujecki

CFO of Polenergia S.A.

The projects of Polenergia and Equinor will be among the first developed under Phase I of the Polish offshore program. Investments are proceeding according to schedule. The Bałtyk 1 project is being prepared for participation in the December auction. The auction is expected to be a breakthrough moment for the energy sector. Winners will secure Contracts for Difference (CfD), guaranteeing a stable sale price for offshore wind energy for 25 years. In return, investors commit to building new projects and supplying electricity to the national system. This mechanism enables planning multi-billion-euro investments without the risk of sudden market fluctuations. A successful auction will help maintain the pace of the country’s energy transition.

This is the last moment for key decisions, as by 2032 sources covering 15% of Poland’s current annual electricity demand will be shut down. Some of this capacity will be replaced by newly built power plants fueled by imported natural gas, but in practical terms – over the next few years – only offshore will be able to cover the missing energy volume in the national power system.

It is estimated that once the offshore wind farms currently under construction are completed, and once additional farms selected in the planned December auction are commissioned, newly built offshore power plants will be able to cover around 20% of the country’s electricity demand.

Adam Purwin

CEO of Polenergia S.A.

Long-term PPA contracts also form part of Polenergia’s strategy. In recent months, the company has secured agreements with KGHM (for approximately 42 GWh) and with Leroy Merlin and Bricoman (a combined 45 GWh annually). Through such agreements, Polenergia sells renewable energy directly to customers from its 13 onshore wind farms and 8 photovoltaic farms. The total capacity of its onshore renewable energy sources is 642 MW.

Polenergia Moves Closer to New Prospective Offshore Projects

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