With the closing of the agreement, which was first announced on 10 
February 2021 
, PGE and Ørsted now each own 50% of the shares in the offshore 
wind projects Baltica 2 and Baltica 3, together comprising the Baltica 
Offshore Wind Farm, the largest offshore wind project in the Polish part 
of the Baltic Sea. The partners will jointly build and operate the 
offshore wind farms which will have a total installed capacity of up to 
2.5 GW. 
   In mid-March, the President of the Polish Office of Competition and 
Consumer Protection approved the joint venture. Subsequently, the 
partners submitted an application for registration to the National Court 
Register and have now closed the transaction, which means that 
Ørsted has acquired the 50% stake in the two project companies. 
   "PGE, as the largest producer of electricity in Poland, with extensive 
experience in the domestic energy sector, has invited one of the leaders 
in the global offshore wind energy market to jointly develop, construct 
and operate offshore wind projects. The combination of the knowledge and 
experience of Ørsted and PGE provides a solid foundation for the 
implementation of such an important investment in the domestic economy, 
which is the construction of two offshore wind farms in the Polish 
Exclusive Economic Zone of the Baltic Sea," says Wojciech D browski, 
President of the Management Board at PGE. 
   "I'm delighted that we have established a strong offshore wind 
partnership with Poland's leading utility. We will bring our decades of 
experience to this new market to deliver green energy, create industrial 
development and local jobs, and assist Poland in becoming a leading 
offshore wind nation," says Rasmus Errboe, Senior Vice President and 
Head of Region Continental Europe at Ørsted. 
   Baltica 2 and Baltica 3 will contribute significantly to Poland's green 
energy transition, accelerate the development of the local supply chain 
and spur economic activity for many years to come. Both stages have 
already received environmental permits and signed grid connection 
agreements, and were awarded contracts for difference 
by the Polish Energy Regulatory Office on 7 April 2021. Subject to 
Ørsted's and PGE's final investments decisions, Baltica 3 (1 GW) 
could become operational in 2026, while Baltica 2 (1.5 GW) could become 
operational before 2030. 
   For further information, please contact: 
   Media Relations 
   Tom Christiansen 
   + 45 99 55 60 17 
   Investor Relations 
   Allan Bødskov Andersen 
   + 45 99 55 79 96 
   About Ørsted 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs, and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks as the 
world's most sustainable energy company in Corporate Knights' 2021 index 
of the Global 100 most sustainable corporations in the world and is 
recognised on the CDP Climate Change A List as a global leader on 
climate action. Headquartered in Denmark, Ørsted employs 6,311 
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). 
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
   -- Baltica 2 and 3 closing EN 

(END) Dow Jones Newswires

May 06, 2021 12:16 ET (16:16 GMT)

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