Cadeler signs firm contracts with Equinor and Polenergia joint ventures

Cadeler A/S has signed firm contracts with the offshore wind farms Bałtyk 2 and Bałtyk 3, both being joint venture projects owned 50% by Equinor and 50% by Polenergia. The total potential value of these contracts to Cadeler is expected to be in the range of EUR 120-144 million, with operations scheduled to begin in 2027.

The Bałtyk 2 and Bałtyk 3 offshore wind farms will be located in the Baltic Sea, approximately 22 km and 37 km, respectively, from the port of Łeba, Poland. The projects will involve the installation of a total of 100 offshore wind turbine generators (WTGs) in the Polish Baltic Sea.

Cadeler plans to deploy both an O-Class and a P-Class vessel for the projects. Given the complex nature of the project, Cadeler is deploying an innovative dual-vessel setup, offering the exclusive flexibility the client needs to meet their capacity targets while showcasing the advantages of having the largest, most versatile, and capable fleet of jack-up vessels in the industry.

The installation of WTGs is set to begin in 2027. Once operational, the two wind farms are expected to generate a combined capacity of 1440 MW, providing electricity equivalent to the needs of more than two million households. The aggregate potential value of the contracts to Cadeler is anticipated to fall within the range of EUR 120-144 million.

Mikkel Gleerup, CEO of Cadeler, said: “We are excited to announce a firm contract for yet another significant milestone project in Poland. This marks our third major project in the Polish market, showcasing the strong business potential in that market, driven by increasing demand for renewable energy. We are proud to support our partners in accelerating the transition to sustainable energy, with these projects ultimately benefiting more than two million households. Additionally, this is our first firm contract with Equinor and Polenergia, and we look forward to working closely together to set the stage for future successful collaborations.”

The vessel reservation agreements with the Equinor and Polenergia joint venture projects were initially announced on 13 May 2024.