Polish utility and renewable energy company Polenergia and Lithuania-based Modus Energy, also operating in the renewable energy sector, have agreed on the key terms of an agreement which will see the two parties establishing a joint venture (JV) to develop offshore wind projects in the Baltic Sea.
The key terms of the JV agreement Polenergia and Modus Energy, operating under the Green Genius brand, have agreed on include the planned schedule of the projects, among other things.
The companies had been in exclusive negotiations under an exclusivity right granted to Polenergia by Green Genius until 31 December 2021, which is now prolonged until 15 February 2022 for the purpose of completing work on the documents pertaining to the establishment of the JV.
Polenegia is currently developing two offshore wind farms in Poland, Bałtyk II and Bałtyk III, together with Equinor.
The two projects, with a combined potential capacity of 1,440 MW, were awarded Contracts for Difference (CfDs) in May last year under the first phase of Poland’s offshore wind development scheme.
Polenergia is also developing a third project, OWF Bałtyk I, in the country. The 1,560 MW project has a valid location permit and a connection agreement obtained from the transmission system operator in January 2021.