Focusing on the construction of offshore wind farms, development of onshore projects with energy storage, increasing the share of power sales agreements (PPAs) to the corporate sector and revenues from contracts for difference (CFDs) in revenues – these are Polenergia Group’s main objectives until 2030. The company announced its new strategy for 2025-2030 and presented its financial results for last year. In 2024, EBITDA increased to PLN 642.1 million, up 17% year-on-year, while adjusted net profit increased by 12% to PLN 307.4 million.
The six-year action plan assumes that the energy generation capacity of Poland’s largest private energy group is to increase to 1.5 GW in 2030 (from 0.6 GW currently), and EBITDA to approximately PLN 1.6 billion. A priority project is the construction, together with Norway’s Equinor, of three Baltic offshore wind farms with a total capacity of up to 3 GW, the first two of which, with a capacity of 720 MW each, are expected to be completed in 2027.
– The implementation of the offshore wind farm projects in the Baltic Sea is not only a landmark undertaking for our company, but also a significant contribution of Polenergia to the Polish energy transition. We are proud that we are contributing to an increase in the competitiveness of the national economy, while at the same time providing a developmental impulse thanks to the scale of the investments carried out. Our projects are also perfectly in line with the ambitious climate goals of the European Union and thus help build a greener future for future generations. At Polenergia, we have for years been carrying out activities that shape a modern, low-carbon economy and drive sustainable development in our country. Thanks to the implementation of the latest strategy, they will gain even more strength – says Adam Purwin, CEO of Polenergia.
Priority for offshore wind farms, onshore energy storage facilities will appear
In the first stage of development of offshore wind farms, Bałtyk 2 and Bałtyk 3 farms will be built. The first electricity from them is to flow into the grid as early as 2027, and in 2028 the commercial stage of their operation will start. In 2024, Polenergia worked intensively to obtain financing for these investments. With KPO funds raised through a loan from Bank Gospodarstwa Krajowego and a highly successful Green Bond issue, the Group secured a total of PLN 1.5 billion for these projects.
In line with the newly adopted strategy, the Group will strengthen the onshore power segment, which is the foundation of Polenergia’s business, both through the construction of new capacities and the preparation of projects for the Ready-to-Build stage (projects with connection conditions and construction permits). In addition, there will be new PV farms and energy storage facilities.
– We will use our experience and know-how from recent years, supporting onshore sources with new elements. We are betting on solutions that allow wind turbines and photovoltaics to share land, power and connection infrastructure. This is also where energy storage will come in, adding flexible power to our portfolio – says Adam Purwin.
The development of onshore RES sources is expected to increase Polenergia’s generation capacity by around 150 MW by 2030, with further onshore projects being developed until construction readiness is reached. In addition, the wind power project in Romania will continue to be developed. The objective enshrined in the strategy is to maximise the coverage of future revenues from Contracts for Difference (CFDs) for offshore farms, but also PPAs for the purchase of green energy for companies, allowing for the efficient development of generation assets.
– We will place more emphasis on increasing competence and efficiency in the area of energy sales to the B2B segment, while reducing exposure to activities targeting retail customers – Polenergia’s CEO adds.
In order for the company to focus on growth in its core business segments, the strategy allows for possible changes in the portfolio of assets that are not related to the core business
and do not create synergies with it.
– We are focusing on the most promising development directions. Offshore wind farms are an element that allows for a qualitative leap in Polenergia’s development. But we also want to use our team’s 25 years of experience in power generation from onshore RES sources and aggregation and energy management services for customers. We will combine this unique know-how with innovative solutions – today it is energy storage, but tomorrow it is also AI-based initiatives or the search for breakthrough energy solutions in the venture capital market – says Adam Purwin.
Confirmed results for 2024
Along with the information on the objectives of the new strategy, Polenergia also published its final results for 2024. EBITDA reached PLN 642.1 million in 2024 (up 17% year-on-year). Adjusted net profit increased by 12% y-o-y to PLN 307.4m, compared to PLN 273.6m a year earlier. In 2024, Polenergia grew dynamically in the wind farm segment, where it generated EBITDA of PLN 632.1 million, up 35% year-on-year.
– We have a very good year behind us, closing with a substantial increase in results. We have thriving photovoltaic and wind farms in our portfolio, generating more than 1.4 TWh of clean electricity in 2024. These activities generate stable, recurring profits for Polenergia. They form the foundation with which we are ready to implement our new strategy and ambitious plans to leapfrog the value of our group in the years to come – concludes the Group CEO.
Source: Polenergia
