Polenergia commits 323 millions USD to offshore and storage projects

With 323 millions USD in cash, Polenergia strengthens its investments in offshore wind, solar and storage, targeting more than 2.3 GW of new energy capacity in Poland.

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Polenergia, Poland’s largest privately owned energy group, is accelerating its strategic investments in offshore wind, solar power and electricity storage. Backed by PLN 1.3bn ($323mn) in cash reserves, the company reported an earnings before interest, tax, depreciation and amortisation (EBITDA) of PLN 312.9mn ($77.7mn) and an adjusted net profit of PLN 61.2mn ($15.2mn) for the first half of 2025.

Offshore project deployment

In cooperation with Equinor ASA, Polenergia is building the offshore wind farms Bałtyk 2 and Bałtyk 3, with a combined capacity of 1.44 GW. Both projects have reached final investment decision and secured financing. Current works focus on onshore infrastructure and seabed clearance. Once operational, the wind farms are expected to supply electricity to more than two million Polish households.

The Bałtyk 1 project, presented as the largest of Poland’s second offshore wind development phase, is being prepared for auction. The facility, with a potential capacity of up to 1.56 GW, has been pre-qualified by Polenergia and Equinor with the Energy Regulatory Office.

Onshore investments and storage

The company is also expanding onshore. It commissioned its largest photovoltaic power plant to date, the Szprotawa plant, with a capacity of 67 MW. This increases the group’s total installed renewable capacity to 642 MW, estimated to meet the needs of around 35,000 households.

A final investment decision has also been made for the Rajkowy solar farm, with a capacity of 35 MW. Polenergia’s development pipeline includes more than 2.3 GW of wind and solar projects. The company is also progressing with battery energy storage projects totalling about 500 MW, with first construction readiness expected between 2025 and 2026.

Financial structure and outlook

According to management, Bałtyk 2 and Bałtyk 3 benefit from record financing within the Polish energy sector. Polenergia stated it has fully secured its equity contribution and established reserves to mitigate potential cost increases. An interest rate hedge implemented in April led to a one-off charge of PLN 30mn ($7.46mn) but saved over PLN 100mn ($24.8mn) on equity contribution.

The company is preparing to launch the 48.3 MW Bądecz onshore wind project and is reviewing several technological solutions for its future storage systems. These facilities are intended to improve surplus energy management and increase the economic value of renewable assets.

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