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Allen & Overy advising Ørsted on its Polish offshore wind joint venture with PGE

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Andrew Christopher
Christopher Andrew

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Diosi Michael
Michael Diosi

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Iwanicki Jaroslaw
Jaroslaw Iwanicki

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Dan Cocker

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Jürgen Schindler

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Dirk Arts

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Lazerges Romaric
Romaric Lazerges

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Ben Davies

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15 February 2021

London – A cross-border team from Allen & Overy has advised Ørsted on its agreement, signed and announced on 10 February 2021, to form a 50/50 joint venture with PGE Polska Grupa Energetyczna S.A. (‘PGE’) for the development, construction and operation of two world scale offshore wind projects in the Baltic Sea which are at the forefront of the Polish Government’s ambitious targets for the deployment of offshore wind. 
As part of the agreement, Ørsted will subscribe for new shares representing 50% of the total share capital in PGE’s two offshore wind projects, Elektrownia Wiatrowa Baltica-2 sp z o.o. (‘Baltica 2‘) and Elektrownia Wiatrowa Baltica-3 sp. z o.o. (‘Baltica 3’). 

When complete, the projects will have a total potential capacity of up to 2.5 GW – Baltica 2 with a capacity of approximately 1.5 GW and Baltica 3 with a capacity of approximately 1 GW.  

Commenting on the transaction, Chris Andrew, an A&O project finance partner based in London, said:

Allen & Overy has a track record of delivering complex, cross-border, first-of-a-kind projects, so we are pleased to have been able to help our client Ørsted negotiate its first offshore project in Poland as well as advising on its new partnership model with PGE.

A&O teams in London, Warsaw, Brussels and Paris worked on the transaction and were led by partner Chris Andrew. 

The team in London included banking partner Michael Diosi and banking associates Peter Tolson and Sherin Bhasker

In Warsaw were corporate partner Jaroslaw Iwanicki, banking partner Dan Cocker, antitrust partner Dr. Marta Sendrowicz, consultant Kamil Jankielewicz, tax counsel Maciej Kulawik, corporate senior associate Maciej Szykut, IP senior associate Justyna Ostrowska, antitrust senior associate Olga Wiśniewska-Łukasiuk, banking associate Katarzyna Idczak, corporate associate Antoni Roszkowski, antitrust associates Aleksander Braksator and Aleksandra Kłoczko, and IP associate Marcin Ziarkowski.

The competition and antitrust team in Brussels consisted of partners Jürgen Schindler and Dirk Arts with senior associate Milosz Cywinski  

In Paris were corporate partner Romaric Lazerges and banking juriste Cyril Cotterall