The transaction involves the acquisition of 50 percent of shares in Polenergia Bałtyk I under an option granted to Equinor in May 2018, and is subject to, among others, the approval by the Chairperson of the Office for Competition and Consumer Protection. Once the approval is granted, Equinor and Polenergia will form a joint venture to proceed with the project.
The contemplated investment would be the third offshore project to be developed jointly by the Equinor Group and Polenergia. The farms are the most advanced offshore wind energy projects in Poland. Dentons also advised Equinor in connection with the acquisitions of stakes in the previous Bałtyk II and Bałtyk III ventures.
Denton’s advisory was overseen by partner Paweł Grabowski (Mergers and Acquisitions) and Arkadiusz Krasnodębski, Head of the Energy and Natural Resources practice team in Poland and in Europe. The cross-practice team was headed by counsel Arkadiusz Wierzbicki (Mergers and Acquisitions) and comprised Agata Sokołowska and Robert Semczuk (Mergers and Acquisitions), together with Michał Motylewski, Zbigniew Stasiak, Wojciech Bogusławski and Patrycja Talarek (Energy and Natural Resources), as well as David Krakowiak (Environment Protection Law Team). Partner Agnieszka Stefanowicz-Barańska and Maciej Marek of the Competition Law group also advised on the transaction.