Poland's PGE and Denmark's Orsted have taken the final decision to build Baltica 2, a 1.5-gigawatt offshore wind farm on Poland's Northwestern coast, the companies said on Wednesday.
Both companies will own 50 per cent of the farm which is expected to be fully commissioned in 2027, a joint statement read.
"All major component and vessel contracts for Baltica 2 have been signed," the statement said, adding that most of the project's capital expenditure was locked in.
Orsted and Poland's largest power group, state-controlled PGE, in 2021 decided to develop two offshore wind farms totalling 2.5 gigawatts.
PGE has said it expects power from Baltic Sea wind farms to account for 40 per cent of its electricity generation in 2040.
(Reporting by Essi Lehto; Editing by Alison Williams and Hugh Lawson)