Wind vessels giant Cadeler strikes breakthrough deal with Equinor and Polenergia
Cadeler will deploy one of its advanced new 'P-class' wind turbine installation vessels on partners' projects in the Baltic Sea
Transport and installation contractor Cadeler has secured vessel reservation agreements for two Baltic Sea wind farm projects owned by a 50-50 joint venture between Norwegian oil major Equinor and Polish energy group Polenergia.
The two projects, called Bałtyk 2 and Bałtyk 3, are situated approximately 27 and 40 km from the Polish port of Łeba.
The projects entail the installation of 100 wind turbines, with operations under the two contracts are scheduled to commence in 2027, Cadeler said.
It was not made clear which vessels will be involved but Cadeler said it will utilise an O-Class wind turbine installation vessel, but also a brand new P-Class vessel.
The first of Cadeler's new P-class WTIV vessels, Wind Peak, is scheduled to be ready by the third quarter of this year with another, Wind Place, expected to be ready by the second quarter of 2025.
The O-class WITVs Wind Osprey and Wind Orca have just been fitted with new 1,600-tonne capacity main cranes in an upgrade programme concluded earlier this year.
Cadeler said the aggregate potential value of the two contracts, still to be negotiated during the period covered by the vessel reservation agreement, is anticipated to fall within the range of €110-130m ($119-140m).
Once operational, these wind farms are projected to generate a combined capacity of 1440 MW, providing electricity to over two million households.
Mikkel Gleerup, CEO of Cadeler, says: “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”.
Cadeler is listed on the Oslo Stock Exchange and the New York Stock Exchange following a merger with former rival Eneti, completed in December last year.
The 1.5GW Baltica 2 array is scheduled to enter into full operation by the end of 2027, located more than 25km offshore between Leba and Ustka.
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