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PGE signs wind turbine supply deal for Baltica 2
Global Banking & Finance Review®
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GDANSK (Reuters) – Poland’s biggest utility PGE said on Thursday a unit of the company had signed a deal with Siemens Gamesa Renewable Energy for delivery and installation of 107 offshore wind turbines as part of the Baltica 2 project.
GDANSK (Reuters) – Poland’s biggest utility PGE said on Thursday a unit of the company had signed a deal with Siemens Gamesa Renewable Energy for delivery and installation of 107 offshore wind turbines as part of the Baltica 2 project.
The turbines have a total capacity of 1,498 megawatts (MW) and are expected to be installed by the fourth quarter of 2027.
“This is a groundbreaking decision and the largest contract in the history of renewable energy in Poland. We are estimating that this project alone will be able to provide green energy to about 2.4 million Polish homes,” said chief executive officer Wojciech Dąbrowski during conference call.
In February 2021, PGE and Danish partner Ørsted signed an agreement to form a 50/50 joint venture for the development, construction and operation of two offshore wind projects – Baltica 2 and 3 in the Baltic Sea – with a total potential capacity of up to 2.5 gigawatts.
According to PGE’s strategy, Baltica 2 and 3 are set to be completed by 2030.
(Reporting by Patrycja Zaras Editing by Jason Neely and Mark Potter)
Renewable energy is energy generated from natural resources that are replenished over time, such as solar, wind, hydro, and geothermal energy. It is considered more sustainable than fossil fuels.
Offshore wind energy refers to the generation of electricity using wind turbines located in bodies of water, typically oceans or large lakes. It harnesses stronger and more consistent winds than onshore locations.
A megawatt (MW) is a unit of power equal to one million watts. It is commonly used to measure the output of power plants and the amount of electricity required by large consumers.
A joint venture is a business arrangement in which two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
Green energy is energy derived from natural sources that are environmentally friendly and sustainable, such as solar, wind, and hydroelectric power. It aims to reduce carbon emissions and combat climate change.
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