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Statoil Bets on Baltic Wind Power as Poland Cuts Coal Reliance

March 6, 2018, 2:47 PM

Poland moved closer to cutting its heavy reliance on coal after Norway’s biggest oil company bolstered its renewables bet by investing in offshore wind projects on the Baltic Sea.

Statoil ASA preliminary agreed to buy 50 percent stakes in two of Polenergia SA’s projects for at least 94.3 million zloty ($28 million) aimed at building 1,200 megawatts of wind turbines on Poland’s Baltic coast. The Warsaw-listed green power producer sees first energy flowing from the installations in 2022, while the second farm could be operational four years later. Statoil will also have an option to buy a 50 percent stake ...