Statoil to take 50% stake in Polenergia’s offshore wind projects in Poland

Norwegian energy giant Statoil is all set to foray into the Polish offshore wind sector by acquiring a stake of 50% in two offshore wind projects owned by Polenergia for an undisclosed price.

The projects, which are currently in early phase development, are Baltyk Srodkowy III (BSIII) and Baltyk Srodkowy II (BSII) with a combined capacity of 1.2GW.

Once operational, the two Polish offshore wind farms, to be built in the Baltic Sea, will produce electricity to more than two million households.

The Baltyk Srodkowy II and III offshore wind farms are located about 27 and 40kms, respectively from the Leba port, and will be built in water depths of 20-40 meters. Polenergia expects the BSIII and BSII offshore wind farms to begin operations in 2025 and 2027, respectively.

Statoil will also enter into a 50/50 joint venture with Polenergia to advance the projects.

Polenergia management board director of the works Jacek Glowacki said: “A combination of strength and experience of Polenergia and Statoil group guarantees the implementation of the project that opens a new chapter in the history of Polish renewable energy.

“Above all, it will provide new generation capacities, so desired by the Polish power system in the coming years.”

Statoil will be the manager for the development, construction and operational phases of the offshore wind projects.

Statoil New Energy Solutions executive vice president Irene Rummelhoff said: “We are entering a market with growth potential through two of the most advanced offshore wind developments in Poland.

“The country is well-placed to develop a strong offshore wind industry that would create jobs and value in one of the most dynamic parts of the European markets.

“Following a dramatic reduction in cost for offshore wind, we are looking forward to work with our new partner, the Polish authorities and the Polish supply chain to advance offshore wind as a competitive source of energy and industry.”

Polenergia said that it has secured two legally binding environmental decisions and a signed grid connection agreement, which allows it to work on the technical design of the two offshore wind projects.

The transactions will be closed after getting the approval of Poland’s Office of Competition and Consumer Protection.