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- Polenergia reports first-half profit, moving closer to new capacity
Opublikowano 1 October 2026
We have completed a half-year in which solid financial performance went hand in hand with investments on a scale far exceeding our current asset base. This demonstrates our ability to effectively balance day-to-day operations with an ambitious investment program and the financing needed to support it. At the heart of this program are the 1,440 MW Bałtyk 2 & 3 offshore wind farms, whose foundations are already in place at sea and whose turbines will deliver first power in 2027.
Adam Purwin
CEO of Polenergia
Bałtyk 2 & 3 , developed in partnership with Norway's Equinor, are expected to generate between 5 and 5.5 TWh of electricity annually. Offshore installation work began in the first half of 2026 using Thialf, one of the world's largest crane vessels serving the offshore industry. Foundation installation progressed in parallel with onshore construction. During the same period, all four horizontal directional drills at the landfall section were completed, with a total length of approximately 4 km, creating the routes for the 220 kV export cables. Some of the cables have already been installed along these routes. Advanced construction work is also under way at the onshore substation near Ustka and on the 400 kV transmission line connecting it to the PSE Słupsk-Wierzbięcino substation. Construction of the operations and maintenance base in Łeba is also nearing completion. The facility will house the control centre for the Bałtyk 2 & 3 wind farms. Under the current schedule, the first of two offshore substations is expected to be installed later this year. Thialf will return to the Baltic Sea to carry out this operation.
Onshore, Polenergia's most advanced new-generation project is the 35 MW Rajkowy solar farm, covering 46 hectares. Three years ago, the project secured a contract for difference through a renewable energy auction. Installation work at the Rajkowy site was being completed in the second quarter of 2026, and commissioning began during the summer and was completed successfully. Polenergia's new solar farm in Pomerania is currently awaiting its generation licence, with full commercial operation expected in the final quarter of this year.
Polenergia's existing generation portfolio comprises 13 wind farms and 7 solar farms with a combined capacity of more than 640 MW. In the first half of the year, these assets generated 634 GWh of electricity, translating into nearly PLN 272 million in sales revenue. On a consolidated basis, including the trading segment, the group generated revenue of PLN 1.75 billion. EBITDA for the period amounted to PLN 214 million, while net profit reached PLN 43.2 million. Adjusted for one-off and non-cash items, these figures stood at PLN 226.9 million and PLN 10.8 million, respectively. Polenergia delivered these results in a challenging market environment shaped, among other factors, by less favorable wind conditions and lower electricity and certificates of origin prices.
The high level of contracted electricity generation from our farms remains a key pillar of earnings stability. The share of forecast production secured for next year has increased to 83%, while the figure for 2028 currently stands at 63%. Only a smaller portion of this volume is covered by contracts awarded through renewable energy auctions, with the majority secured through other instruments, including PPAs. The growing share of long-term contracts gives us greater visibility and predictability over future revenues. At the same time, the remaining uncontracted portion of generation gives us the flexibility to benefit from short-term market price movements, while operating within strict risk limits. Combined with disciplined cost management, this approach helps protect the group's financial performance.
Piotr Sujecki
CFO of Polenergia
Financial security is also one of the key principles underpinning Polenergia's growth strategy. At the end of the first half of the year, 83% of debt relating to investment loans, bonds and financing under Poland's National Recovery and Resilience Plan (KPO) was hedged against increases in interest rates. The group also actively hedges its foreign-exchange exposure.
While maintaining strong financial foundations, we intend to continue steadily increasing the scale of Polenergia's operations. The Bałtyk 2 & 3 projects currently under construction will more than double the group's generation potential. Further investment decisions lie ahead for the company, including the Bałtyk 1 project with a capacity of up to 1,560 MW and a project in Romania with grid connection capacity of up to 686 MW. Taken together, all these projects would represent generation potential comparable to the capacity of the nuclear power plant planned in Poland and would make a significant contribution to the country's energy security. These projects also involve investment expenditure measured in billions of euros. Alongside the projects already under construction, one of our key priorities today is therefore to prepare as effectively as possible for the next stages of development, so that we can make the right decisions at the right time to support Polenergia's long-term growth.
Adam Purwin
CEO of Polenergia