Friday, April 12, 2024
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Tauron and OW Offshore sign agreements to construct offshore wind farms

One of the leading Polish power companies, Tauron Group has signed a share purchase agreement and an investment agreement that will lead to the construction of an offshore wind farm in the Baltic Sea. The contracting party is OW Offshore belonging to EDP Renovaveis – Portuguese wind energy firm – and ENGIE, a French power group. Both owner companies have experience in building offshore wind farms.

As a result of the agreements, Tauron will acquire 50 per cent of shares in OW Offshore companies that have wind farms in the Baltic Sea within their portfolios. In return, OW Offshore will acquire half of the shares in Tauron companies, who have wind farm projects in the same area. The projects are in the first phase: the firms are submitting applications for construction permissions.

The intention of the parties is to sell shares in their special-purpose companies and sign an investment deal within six months. They also started to work together on the common projects mentioned in the two-year contractual cooperation. The joint efforts may be extended to additional areas.

“Offshore wind energy constitutes an important element of the Polish and European strategies for transforming the power sector,” said Wojciech Ignacok, President of the Management Board of TAURON. “Our offshore plans also play a vital part in building a zero-emission power capacity after 2025. Due to its windiness and depth, the Baltic Sea is considered to be one of the most promising reservoirs for the development of offshore energy in Europe.”

Tauron is on the right track to suit the European Green Deal’s expectations: the group expects to reach a high 65 per cent share with zero-emission sources in its energy mix by 2030. As the matter stands now, its investments in renewable energy sources will allow to cut the emission with more than 20 per cent until 2025 and with 50 per cent by 2030.

Tauron’s plan is to have over 1000 megawatts (MW) of installed capacity in onshore wind turbines till 2025. Now the total capacity is 380.75 MW, produced by 182 wind turbines in 9 farms. Last year, Tauron doubled its wind capacity through the acquisition of five wind farms in Northern Poland.

The group also plans to include photovoltaic farms in its portfolio, 300 MW by 2025. The first farm is going to be built this year, in Jaworzno, on the site of the former coal-fired power plant. The further farms will be built also in post-industrial areas belonging to the Tauron Group.

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