Canada’s 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 off Poland.
Northland Power believes the project will allow it to capitalise on the growth in renewable energy demand in a growing Central European market.
Inclusive of the purchase price, Northland expects to invest approximately CAD100m ($78.2m) towards the Baltic Power development in 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. 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,” said Mike Crawley, Northland’s CEO.