Biznes Fakty
Dominika Kulczyk and a major investment in the Baltic Sea
The companies MFW Bałtyk II and MFW Bałtyk III, tasked with constructing two offshore wind farms, have finalized loan agreements totaling approximately EUR 5.8 billion (nearly PLN 25 billion). Previously, Polenergia, under the leadership of Dominika Kulczyk, alongside Norwegian Equinor, announced their conclusive decisions regarding the investment.
In a statement released on the stock exchange on Wednesday, Polenergia disclosed that the signed agreements will finance the expenses incurred by both companies for the development of the wind farms.
MFW Bałtyk II and MFW Bałtyk III have each entered into contracts worth around EUR 2.9 billion, with the financing period covering both the construction phase and the subsequent 22 years. Concurrently, Polenergia is contributing approximately EUR 145 million from its own resources, although it might need to inject further capital of up to EUR 280 million if project costs escalate or if cash flows during the initial phase are lower than anticipated.
„Furthermore, according to the agreements, the project firms will have the option to access additional and reserve credit lines totaling around EUR 230 million for MFW Bałtyk II sp. z o.o. and roughly EUR 240 million for MFW Bałtyk III sp. z o.o.” – the statement added.
Polenergia’s offshore wind facilities PolenergiaTwo wind farms in the Baltic Sea
On Monday, Polenergia and Norwegian Equinor announced their final investment decisions regarding the construction of the Bałtyk 2 and Bałtyk 3 wind farms. The estimated value of both projects, as reported earlier, stands at approximately PLN 27 billion (excluding financing expenses), and the total installed capacity of both farms is expected to reach 1.44 GW. Polenergia highlighted that for the Bałtyk 2 and 3 projects, in collaboration with Equinor, they have secured contracts with several primary contractors, including Polish firms Tele-Fonika Kable and Enprom.
Bałtyk 2 and Bałtyk 3 are offshore wind farms, each with an installed capacity of 720 MW. Both sites will be developed within the Polish exclusive economic zone of the Baltic Sea, located approximately 37 km and 22 km from the shoreline. They will consist of 100 turbines. The completion and full activation of both wind farms are anticipated for 2028.
Moreover, two onshore power stations and an underground cable line measuring a total of 14 km will be constructed. The point where the cables will reach the land is situated near Ustka. The farms will link to the national transmission grid through the Słupsk Wierzbięcino station. Additionally, a base for operations and maintenance will be established in Łeba.
Dominika Kulczyk Andrzej Jackowski/PAPPolenergia and Equinor
Polenergia is a privately owned Polish energy conglomerate. The key project being pursued by Polenergia is the establishment of wind farms in the Baltic Sea with a total capacity of up to 3 GW in partnership with Norwegian Equinor. Since 2005, Polenergia’s shares have been traded on the Warsaw Stock Exchange.
The largest stakeholder in Polenergia (42.95%) is Mansa Investments. According to Polenergia, 100% of shares in Mansa Investments sp. z o.o. are indirectly controlled by Ms. Dominika Kulczyk through Kulczyk Holding.
Dominika Kulczyk is recognized as the wealthiest woman in Poland, and she is the daughter of Jan Kulczyk, who passed away in 2015. „Forbes” has estimated her fortune at PLN 7.87 billion.
Equinor, under the governance of the Norwegian government, is a global energy corporation operating in over 20 nations. It ranks among the largest operators of offshore wind farms and is also engaged in oil and gas production on the Norwegian continental shelf.
