Polenergia
About
A Polish energy group under private control: Mansa Investments, indirectly controlled by Dominika Kulczyk, holds 44.50% of the shares and acts in concert with BIF IV Europe Holdings, which held 32.04%. The two shareholders' tender offer for the remaining shares failed in August 2026 when it fell short of the 95% threshold. The group operates onshore wind and solar farms in Poland alongside distribution and electricity trading, and in January 2026 sold its Nowa Sarzyna heat and power plant to Axpo. Offshore wind is a 50/50 partnership with Equinor across three Baltic projects: Bałtyk II and Bałtyk III, under construction since the 2025 investment decision, and the larger Bałtyk I. On Bałtyk II and III it leans on its partner, which runs procurement drawing on its own portfolio of offshore wind projects.
Outlook
as of 2026-10Offshore wind is the stated priority of Polenergia's 2025-2030 strategy. It holds 50% of three Baltic projects developed with Equinor, about 3,000 MW in total. Bałtyk II and III (720 MW each) reached final investment decision in May 2025, with non-recourse project finance of about EUR 2.9 billion each. Foundations for all 100 turbines and both offshore substations were in place by September 2026, with first power planned for 2027 and full commercial operation in 2028. Bałtyk I (up to 1,560 MW) won a 25-year contract for difference at PLN 492.32/MWh in Poland's first offshore auction in December 2025 and is being prepared for a final investment decision; the strategy expects its construction to start within the 2025-2030 strategy period. The plan targets 1.5 GW of group capacity in 2030, counting offshore at its 50% share, and about PLN 4.6 billion of equity spending, mainly offshore, with no dividends over the period. It is narrowing around wind and storage, exiting hydrogen and electromobility and selling its solar subsidiary in May 2026.
What they've said
4 statements 2026-03 – 2026-Q2
- H1 2026 directors' report on operations
“Priority is given to the implementation of the offshore wind power projects Bałtyk II and III, and Bałtyk I (ca. 3,000 MW in total, projects being developed together with Equinor), which will permit generating stable and high EBITDA profit.”
Polenergia (company report) source → - H1 2026 directors' report on operations
“On 11 May 2026, Polenergia S.A. finalized the sale of 100 percent of the shares in the company Polenergia Fotowoltaika S.A. This transaction is part of the group’s strategy to focus its operations on key areas of energy generation - offshore and onshore wind power and energy storage.”
Polenergia (company report) source → - 2025 directors' report on operations
“Securing a contract for difference in the course of the winning offshore auction in December 2025 for the Bałtyk I Offshore Wind Farm project and the correlated obligation to generate and feed electricity from the farm into the grid under the concession within seven years also carries the risk of incurring relatively high investment costs before a final investment decision (FID) is made.”
Polenergia (company report) source → - 2025 directors' report on operations
“Polenergia S.A. is working with Equinor to further develop this project in preparation for a final investment decision (FID). The Issuer is conducting detailed analyses on how to finance the capital expenditures required to prepare the project for the FID stage.”
Polenergia (company report) source →
Portfolio
3 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 3.00 GW.
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2019-12 | Baltyk 1 | farmdown | 50% | — | Equinor |
| 2018-05 | Baltyk 2 | farmdown | 50% | — | Equinor |
| 2018-05 | Baltyk 3 | farmdown | 50% | — | Equinor |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.