Northland Power has entered into an agreement with PKN Orlen to acquire a 49% interest in the Baltic Power offshore wind project in the Baltic Sea with a total capacity of up to 1,200MW of offshore wind generation.
Baltic Power is a mid-development stage project located approximately 23 kilometres offshore from Poland’s coast in the Baltic Sea. The project already has secured its location permit and signed its grid connection agreement as well as filed its environmental permit in 2020. Inclusive of the purchase price, Northland expects to invest approximately PLN 290 million (CAD $100 million) towards the Baltic Power development in 2021, of which, some of this amount represents development expenditures that will be spent throughout 2021. Construction activities are scheduled to start in 2023 with commercial operations expected in 2026.
