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Northland Power Announces Acquisition of a 49% Interest in Baltic Power Offshore Wind Project in Poland With Potential Capacity of Up to 1200 MW

Nachrichtenquelle: globenewswire
29.01.2021, 14:19  |  144   |   |   

Northland continues to expand its European offshore wind footprint with a strategic partnership in Poland

TRANSACTION HIGHLIGHTS

  • Continuation of Northland’s strategy of leveraging its top ten offshore wind sector position globally to expand its offshore wind portfolio
  • Partnership delivers scale and opportunity to enter growing offshore wind market in Central Europe
  • Poland provides an attractive investment destination, with clear roadmap for offshore wind and other renewable technologies such as onshore wind and solar
  • Project expected to benefit from long-term, 25-year revenue contract
  • Strategic partner PKN ORLEN, Poland’s largest company provides significant local presence

TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX: NPI) announced today that it has entered into an agreement with PKN ORLEN S.A. (“PKN ORLEN”) (WSE: PKN) to acquire a 49% interest (subject to regulatory approvals) in the Baltic Power offshore wind project in the Baltic Sea (“Baltic Power”) with a total capacity of up to 1,200 megawatts (MW) of offshore wind generation. Baltic Power is a mid-development stage project located approximately 23 kilometers offshore from Poland’s coast in the Baltic Sea. The project, which secured its location permit, signed its grid connection agreement as well as filed its environmental permit in 2020, allows Northland to capitalize on the growth in renewable energy demand in a growing Central European market. 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.

“Today's announcement reflects Northland's continued growth and leadership in renewable energy and strengthens our position as a global leader in offshore wind development,” said Mike Crawley, Northland’s President and Chief Executive Officer. “We are excited to partner with PKN ORLEN to expand our presence in Europe through the development of the Baltic Power offshore wind project, but more importantly, further contribute to the global decarbonization transition by helping Poland fulfill its renewable energy ambitions.”

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Northland Power Announces Acquisition of a 49% Interest in Baltic Power Offshore Wind Project in Poland With Potential Capacity of Up to 1200 MW Northland continues to expand its European offshore wind footprint with a strategic partnership in PolandTRANSACTION HIGHLIGHTS Continuation of Northland’s strategy of leveraging its top ten offshore wind sector position globally to expand its …

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