PKN ORLEN will collaborate with Northland Power Inc. on the Baltic Power project, involving the preparation, development and operation of an offshore wind farm with a total target capacity of up to 1.2 GW, which intends to apply for the 25-year Contract for Difference support scheme. ORLEN announced recently on the web. (Photo quoted from PLN ORLEN’s official website)
By joining the project, the Canadian group will ultimately acquire a 49% equity interest, following a series of capital increases at Baltic Power. The agreement term is to be 35 years, thereafter to be converted into indefinite. The joint venture is subject to antitrust clearance. Until then, the agreement is conditional.
Northland Power is a Canadian company listed on the Toronto stock exchange with more than 30 years of experience in the design, implementation and management of power generation projects. Its low- and zero-carbon energy assets located on four continents include 2.6 GW of generation capacity in operation and another 1.4 GW under construction or at advanced planning stages.
“The selection of a partner for our offshore wind farm is a milestone in this pioneer project for the region. By combining our local experience, gained in the advanced preparatory work, with the global offshore wind expertise of Northland Power Inc., we will be well placed to quickly and effectively deliver subsequent stages of the project. We are happy to have found a partner whose business model and vision for energy transition are in line with the ORLEN Group’s long-term plans. Our cooperation will provide a major growth stimulus for the offshore industry, including Polish companies along the supply chain,” said Daniel Obajtek, CEO and President of the PKN ORLEN Management Board.
