Polenergia, Poland’s largest private energy group, installed the first turbine foundations at its Bałtyk 2 and 3 offshore wind farms in the Baltic Sea during the first quarter of 2026. The milestone marks a significant step forward for what will be the largest offshore wind development in Polish history, co-developed with Norway’s Equinor.
The two projects have a combined capacity of 1.44 GW and are expected to supply electricity to around two million Polish households. Marine works during the quarter included rockfill operations on the seabed to protect underwater infrastructure, after which the first turbine foundations were installed on schedule. Construction progress has also been reported on the onshore components. “In Q1, marine works began at the Bałtyk 2 and 3 wind farms developed jointly with Equinor — projects that will add 1.44 GW to the Polish energy system,” said Adam Purwin, chief executive of Polenergia. “The first foundations have been successfully installed, realising a landmark project that will also strengthen Poland’s energy security in the current geopolitical environment.”
Polenergia and Equinor are also developing a third joint offshore project, Bałtyk 1, which has a capacity of up to 1.56 GW. The project won a 25-year contracts-for-difference agreement at the end of 2025 and received an environmental decision for its grid connection infrastructure in Q1 2026, with technical design and permitting work continuing.
The group reported consolidated revenues of close to PLN 925 million in Q1 2026, with an adjusted EBITDA of PLN 155.4 million and net profit of PLN 60.4 million. Excluding one-off items — including a positive result from the sale of the Nowa Sarzyna gas cogeneration plant for PLN 139.7 million — underlying EBITDA stood at PLN 126 million and adjusted net profit at PLN 14.8 million. Lower wind resource compared with the prior year weighed on generation volumes from Polenergia’s existing 642 MW portfolio of wind and solar assets in Poland, which produced 337 GWh of green electricity in the quarter.
Looking ahead, the group has contracted 80 per cent of its projected 2027 energy production at an average price of PLN 402 per MWh. As of end-March, 83 per cent of Polenergia’s debt was hedged against interest rate risk, and the group held over PLN 1 billion in cash. The company targets PLN 1.6 billion in EBITDA by 2030.
