DNV advises PGE Baltica on JV to 2 offshore wind farms

DNV, the independent energy expert and assurance provider, has been retained by PGE Baltica (a subsidiary of PGE Capital SA, responsible for offshore wind developments) for the provision of technical and commercial advisory services in connection to setting up a joint venture structure between PGE (Polska Grupa Energetyczna S.A.) and Ørsted for the development of two offshore wind projects in the Baltic Sea with a total potential capacity of up to 2.5 GW. Following the passing of Poland’s first Offshore Wind Act in January this year, it is expected that these offshore wind farms would play a key role in energy transformation of Poland towards a low-emission economy, contribute to ensuring energy security of the state while significantly reducing its CO2 emission in line with Poland’s National Energy and Climate Plan.

The 50/50 joint venture investment agreement between PGE (the largest power producer and Distribution Network Operator in Poland) and Ørsted (multinational power company and offshore wind developer) is designated to develop, build, and operate Baltica 2, with a capacity of approximately 1.5 GW and Baltica 3 with a capacity of approximately 1 GW.

According to McKinsey & Company, in the years to come it is estimated that the construction of 6 GW in the Baltic Sea will create 77 thousand jobs and bring approximately PLN 60 billion of added Gross Domestic Product (GDP) value and PLN 15 billion of Corporate Income Tax (CIT) and VAT revenues, as a result it could be said that in favourable environment offshore wind will become the key development path of the energy sector in Poland.

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