Baltyk 2

Equinor (then recently renamed from Statoil) and Polenergia signed the final agreement on 22 May 2018 transferring 50% of the shares in both Polenergia Bałtyk II S.A. and Polenergia Bałtyk III S.A. to Equinor. The transaction was pre-conditioned on antitrust clearance from the Polish OCCP and registration of share capital increases in the two project SPVs. Financial terms were NOT publicly disclosed. Projects were at early development stage in 2018: location permits existed but no environmental decisions, no CfD. CfD later awarded May 2021 (PLN 319.60/MWh). FID taken May 2025; financial close EUR >3 billion per project achieved May 2025. PLN/EUR ~0.235 in May 2018. Equinor also granted an option to acquire 50% of Baltyk I (exercised December 2019; see separate record).

CORPORATE-LEVEL DEAL — This records Brookfield's acquisition of a ~22.8% stake in Polenergia S.A. (the listed parent company), completed in February 2021. This was a tender offer launched November 2020 at PLN 47/share, later raised to PLN 63/share by February 2021. Mansa Investments (controlled by Kulczyk family) acted in concert with Brookfield; Brookfield took ~22.8% of Polenergia from minority public shareholders. The deal covered Polenergia S.A. as a whole — including offshore wind (Baltyk 1, 2, 3 plus 50% JV stakes with Equinor), onshore wind (~443 MW), and other energy assets. Polenergia subsequently delisted from Warsaw Stock Exchange after Brookfield and Mansa reached ~74% combined ownership. A further PLN 1 billion capital raise in March 2022 (21.4 million new shares at PLN 47/share, ~51% to Brookfield, ~24% to Mansa) further diluted public shareholders. No price is shown against Baltyk 2: the consideration was for shares in the whole Polenergia group, not for this project.