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Progress in implementing Polenergia’s strategy in Poland and Romania in 2025

Opublikowano 12 March 2026

Polenergia, Poland's largest private energy group, consistently developed its projects in promising market segments during the first year of its 2025-2030 strategy. As a result, the Bałtyk 2 and Bałtyk 3 wind farms with a total capacity of 1.44 GW are under construction, and the renewable energy project in Romania's windiest region has already obtained some of the building permits. Last year, the group also secured new long-term contracts securing sales, including a 25-year contract for PLN 492.32/MWh for energy from the 1.56 GW Bałtyk 1 farm and new PPAs. At the same time, in 2025, Polenergia generated over PLN 4.2 billion in revenue, nearly PLN 510 million in EBITDA, and PLN 47.3 million in adjusted net profit.
farma wiatrowa

Growth is in our DNA. We are determined to ensure that our strategic projects in Poland and abroad smoothly enter subsequent phases. Another element of our strategy is the onshore renewable energy farm project in Romania, which would be similar in scale to Polenergia's entire onshore business in Poland. This project has entered an important stage, having obtained a building permit for the generation part, and current work includes obtaining building permits for the connection infrastructure. Together with renewable energy assets in Poland, the project in Romania forms a package of energy projects that are to be a source of revenue to support the implementation of our plans in the field of offshore wind energy.

Adam Purwin

President of the Management Board of Polenergia

Polenergia is implementing the project in Romania through its subsidiary Wind Farm Four (WF4). It concerns onshore renewable energy farms developed by seven special purpose vehicles based on a connection agreement for up to 686 MW of capacity. For comparison, all of Polenergia’s onshore farms in Poland will have an installed capacity of 642 MW by the end of 2025. The power plants are planned in the Tulcea region near the Black Sea, where wind conditions are among the best in Romania, exceeding even those in Poland. According to the current schedule, the projects should enter the ready-to-build (RTB) stage by the end of this year, and Polenergia expects the final investment decision (FID) to be made in the second quarter of 2027.

The flagship project of Polenergia’s strategy, but also one of the pillars of Poland’s future energy security, are large-scale wind farms in the Baltic Sea. In 2025, Baltic 2 and 3, with a total capacity of 1.44 GW, developed in cooperation with Norway’s Equinor, entered a breakthrough phase – they received the final investment decision, secured financing under the largest project finance in the Polish energy sector, and as a result, their construction began in the same year, and 2026 will see the offshore installation phase. The Bałtyk 1 project won the auction for the second phase of Polish offshore wind energy development, securing a 25-year power purchase agreement for the energy generated by this farm.

Our plans are ambitious, some of them are being implemented ahead of schedule, and we were the first to be ready for the December offshore auction. However, the Baltic 1, 2, and 3 projects require above-average effort. In 2025, our financial results were affected, among other things, by the costs associated with each of these projects. These included interest on green bonds and loans from the National Reconstruction Plan, as well as one-off costs of interest rate and currency risk hedging operations and the costs of preparing for the offshore auction. At the same time, in Q1 and Q4 2025, the renewable energy industry faced lower windiness and normalizing energy prices after a wave of above-average increases a year earlier. In such conditions, and while implementing key development projects, we generated nearly PLN 510 million in EBITDA for 2025, of which nearly PLN 108 million in EBITDA was generated in the last quarter.

Piotr Sujecki

Vice President for Finance at Polenergia

In 2025, apart from offshore and Romania, Polenergia consistently developed in the onshore energy segment in Poland. In 2025, the group launched its largest photovoltaic farm, Szprotawa, with a capacity of 67 MWp, ahead of schedule, and made a final investment decision for another photovoltaic farm, Rajkowy, with a capacity of 35 MWp. Its construction is proceeding according to schedule, with completion expected in 2026.

In 2025, the Bądecz wind farm project with a capacity of over 48 MW was also underway. It is in the process of obtaining the final permits and documentation before a final investment decision is made. The total portfolio of wind and photovoltaic projects at various stages of development concerns renewable sources with a capacity of approximately 1.9 GW. In addition, there are large-scale battery storage projects with a total capacity of approximately 700 MW, which are intended to stabilize energy from renewable sources. The first of these may be ready for construction in 2026. Furthermore, in line with the direction set out in its strategy, Polenergia withdrew from the gas-based energy segment in 2025, selling the combined heat and power plant in Nowa Sarzyna for nearly PLN 140 million at the end of the year.

Large-scale offshore projects are the driving force behind the development of the Polenergia Group, which is already Poland's largest private energy producer. The first year of the 2025-2030 strategy confirms that we are proactive and are implementing the directions declared to our shareholders and the market. Progress in all key projects shows that our ambitions translate into concrete actions and have strong foundations. At the same time, we are working to ensure that our development plans are secured by solid sources of revenue from contracts for difference and long-term PPAs. The rapidly growing share of long-term contracts with significant customers, already visible in 2025 and continuing this year, increases the predictability of our revenues. We believe that all these actions and the chosen strategic direction will allow us to take full advantage of the opportunities offered by the accelerating energy transition and strengthen Polenergia's position as one of the leaders in renewable energy not only in Poland but also in the region.

Adam Purwin

President of the Management Board of Polenergia

Financial results for 12 months of 2025

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