Northland Power Acquires 49% Interest in Poland's Baltic Power Offshore Wind Project.
MANews-(C)2009-2021
Canada-based power producer Northland Power Inc. (TSX: NPI) has agreed to acquire a 49% interest in the Baltic Power offshore wind project in the Baltic Sea from Poland-based PKN ORLEN S.A. to grow offshore wind market in Central Europe, the company said.
Inclusive of the purchase price, Northland expects to invest approximately PLN 290m (CDN 100m) (USD 78m) towards the Baltic Power development in 2021, of which, some of this amount represents development expenditures that will be spent throughout 2021. Additional terms were not disclosed.
Baltic Power, a mid-development stage project located approximately 23 kilometers offshore from Poland's coast in the Baltic Sea, has a total capacity of up to 1,200 megawatts of offshore wind generation.
The project allows Northland to capitalise on the growth in renewable energy demand in a growing Central...
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