PGE Polska Grupa Energetyczna SA, a Polish utility, has chosen Societe Generale SA, a French bank, to act as its adviser in acquiring finance for the development of the 2.5-GW Baltica offshore wind project off the coast of Poland. After submitting a $2.2 million offer, Societe Generale was chosen in a bidding procedure. The contract will be terminated after the ten-day appeals process has expired.
PGE will seek advice from the French lender on financing options for the 1.5-GW Baltica 2 and 1-GW Baltica 3 offshore wind projects in the Baltic Sea. The projects are being developed by PGE in a 50-50 joint venture (JV) with Danish energy giant Orsted. In Poland’s energy auction, the two obtained a contract-for-difference for the Baltica projects. PGE and Orsted’s JV deal was finalized a month later.
The appointment of a financial adviser for the Baltica 2 and Baltica 3 offshore wind farm construction projects in the Baltic Sea is another milestone in the PGE Group’s Offshore Program execution. Cooperation with a well-established organization on the European financial market, such as Societe Generale, demonstrates that PGE, as Poland’s largest power utility, has the trust of financial institutions.
Societe Generale is a global investment bank and financial services provider based in France. The organization is a global bank with departments that support French Networks, Global Transaction Banking, International Retail Banking, Financial Services, Corporate and Investment Banking, Private Banking, Asset Management, and Securities Services. PGE, commonly known as the Polish Energy Group, is mainly owned by the Polish State Treasury, which holds 58.39 percent of the public limited corporation as of July 9, 2014. PGE is a Warsaw Stock Exchange-listed company that is a component of the WIG30 index.