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DNV advises PGE Baltica on joint venture with Ørsted

By: Tom Russell 04/03/2021 DNV

General Windfarms

DNV, the independent energy expert and assurance provider, has been retained by PGE Baltica (a subsidiary of PGE Capital SA) for the provision of technical and commercial advisory services in connection to setting up a joint venture structure between PGE (Polska Grupa Energetyczna S.A.) and Ørsted for the development of two Polish offshore wind projects.

The 50/50 joint venture investment agreement between PGE and Ørsted is designated to develop, build, and operate Baltica 2, with a capacity of approximately 1.5 GW and Baltica 3 with a capacity of approximately 1 GW.

Both projects are eligible to be included in Poland’s 2021 offshore wind allocation round, where a total of 5.9 GW is expected to be awarded. Baltica 3 is the most advanced of the two projects and could become operational in 2026.

“The Baltic Sea has always been the Polish window on the world and the offshore wind industry brings new opportunities. Our 10 years’ experience as a leading technical advisor in Poland’s wind projects coupled with over 30 years’ experience in offshore wind in other markets in Europe contributed to supporting PGE Baltica during the negotiation process and in gaining a better understanding of contracting in the offshore wind farms development, construction, and operation phases. Projects like Baltica 2 and 3 will contribute to the growth of the Polish economy, giving renewables, and particularly offshore wind, a key role in the energy transition in Poland.” said Prajeev Rasiah, Executive Vice President & Regional Manager Northern Europe of DNV’s business area Energy Systems.

To assist PGE Baltica in setting up its offshore wind practice and the joint venture with Ørsted in relation to the project, DNV has been providing a series of technical and commercial workshops on offshore wind and the typical provisions of offshore wind related contracts. DNV has also provided advice to PGE Baltica on the market standard conditions as part of its negotiations on the set up of the joint venture.

The evaluation and review of the agreement documentation includes aspects such as the service development agreement (SDA); the development expenditures plan (DEVEX); the construction management agreement (CMA); the operation and maintenance agreement (OMA), which were ultimately recognised to be in line with typical practice and market standards.

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DNV advises PGE Baltica on joint venture with Ørsted

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