The Pomeranian Voivode issued permits in February 2024 for the construction of the offshore part of the Baltica 2 wind farm project, which is developed by PGE and Ørsted.
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Ørsted’s plans to prioritize more value-accretive growth opportunities going forward, the company said in a trading update.
Last year, the company secured 3.5 GW of new offshore wind capacity in the UK and took FID on the Baltica 2 wind farm in the Polish sector of the Baltic Sea. But there were challenges, notably related to the US offshore wind portfolio. In response, the company has slimmed down its planned investments toward 2030 by 25%.
Rasmus Errboe, group president and CEO, said, “We’ll reduce our investment program towards 2030 through a stricter, more value-focused approach to capital allocation. We do this to ensure a stronger balance sheet, supporting a solid investment grade rating, and to ensure that we only invest our capital in the most financially attractive opportunities. Our number one priority throughout the next three years will be to deliver on our committed 8.4 GW offshore wind construction program, which will almost double our installed offshore wind capacity.”
