Project companies Polenergia and Equinor Wind Power commissioned for €187 million

The Baltic II and Baltic III offshore wind farms – project companies in which Polenergia holds a 50% stake and which are developing offshore wind farm projects as part of a joint venture between Polenergia and Equinor Wind Power – have entered into agreements with Seaway 7 Management (as contractor) for the design, manufacture, testing, transportation, installation and protection of “internal” cables, i.e. those connecting offshore wind turbines to the offshore transformer station, Polenergia reported. The contractor’s total remuneration was initially set at about €187 million.

“It [the remuneration] takes into account partly lump sum rates and partly rates depending on, among other things, the installation work technique used, the length of the contractor’s work at sea, downtime due to weather conditions, indexation of raw material prices, fuel prices and rates of selected subcontractors. The total remuneration payable to the contractor has been calculated taking into account the fact that both projects have been completed. The final remuneration will be determined after freezing the variable rates and taking into account factors depending on the market situation,” – The announcement reads.

Polenergia – listed on the WSE – is a vertically integrated entity specializing in projects ranging from generation of electricity from conventional and renewable sources, through distribution of electricity and gas, to sales and trading of energy and certificates of origin. It is included in the mWIG40 index. The company had revenue of PLN 7.09 billion in 2022.


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