Cadeler secures up to €130M vessel agreements with Equinor, Polenergia

Denmark’s offshore wind installation firm Cadeler has secured vessel reservation agreements with two Equinor and Polenergia joint ventures, marking the first contract between the parties.

Both MFW Bałtyk II Sp. z.o.o. and MFW Bałtyk III Sp. z.o.o. are 50% owned by Equinor and 50% by Polenergia.

The aggregate potential value of the contracts to be negotiated during the pendency of the vessel reservation agreements is anticipated to fall within the range of €110-130m.

Operations are scheduled to commence in 2027, Cadeler said, adding it will utilize both an O-Class and a P-Class vessel from the company’s fleet.

The Bałtyk 2 and Bałtyk 3 projects are wind farms situated in the Baltic Sea, approximately 27 and 40 km from the port of Łeba, respectively.

The projects entail the installation of 100 offshore wind turbine generators in the Polish Baltic Sea.

WTG installation is set to begin in 2027. Once operational, these wind farms are projected to generate a combined capacity of 1440 MW, providing electricity to over two million households, as Oslo Stock and New York Stock Exchange-listed Cadeler noted.

Mikkel Gleerup, chief executive of Cadeler, said: “We’re pleased to announce yet another contractual milestone in Poland. The Polish market offers great business potential for Cadeler and we’re proud to help our partners accelerate the transition towards sustainable energy for more than two million households.

“This also marks our first contract with Equinor and Polenergia, setting the stage for new successful future partnerships”.