Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia, the company said in news release Dec. 20.

This transaction follows an agreement, which took effect in May 2018, in which Equinor acquired a 50 % interest in Bałtyk II and Bałtyk III.

“This acquisition strengthens our presence in the Baltic Sea area giving opportunities for scale and synergies in a longer perspective,” Jens Økland, senior vice president for strategy and business development in new energy solutions for Equinor, said in the release.

The project is in an early stage and the companies will form a 50/50 joint venture to further mature the project toward future auction and final investment decision, Equinor said in the release. Equinor will be the manager for construction preparation and the potential construction and operational phases.

The Bałtyk I offshore location license allows for a development of a wind farm with a capacity up to 1,560 megawatts, of which Equinor will hold 50%. The wind farm area is located in the Baltic Sea in water depths of 25 m to 35 m (82 ft to 115 ft).