Equinor and Polenergia have achieved financial closure for the Bałtyk 2 and Bałtyk 3 offshore wind projects. The projects have secured two financing packages of more than €3bn each, with a combined value surpassing €6bn,marking the largest project finance transaction in Polish energy sector.
The financing involves approximately 30 financial entities, including Poland’s Bank Gospodarstwa Krajowego (BGK), the European Investment Bank (EIB), and the Nordic Investment Bank (NIB). Additionally, the Polish export credit agency KUKE and Germany’s Euler Hermes are providing guarantees and cover policies, respectively.
The financial close signifies that all conditions for loan disbursement have been satisfied. The financing will support capital investments and other construction-related expenses, amounting to approximately €7.2bn.
These offshore wind projects were awarded Contracts for Difference (CfD) in 2021, securing power prices at around €71 per MWh, with inflation adjustments for 25 years.
Equinor will oversee the construction and operation of the wind farms. Onshore construction is underway, key component fabrication has commenced, and marine operations are set to begin next year.
With a total capacity of 1,440 MW, the projects can power two million Polish homes, with full commercial operations expected by 2028.
Danske Commodities, a subsidiary of Equinor, will manage route-to-market services, including balancing and power offtake, for the initial three years of operation.
Equinor Poland country manager Michał Jerzy Kołodziejczyk said: “Bałtyk 2 and Bałtyk 3 represent the beginning of a new era in Poland’s offshore wind energy development. These wind farms are set to contribute to Poland’s industrial future by producing renewable electricity for Polish households, creating employment opportunities, and enhancing both energy security and the energy transition.”
Equinor and Polenergia hold 50% stake each in the Bałtyk 2 and Bałtyk 3 project. In August 2024, the project partners received construction permits for the two projects. The final investment decisions for these projects were made earlier this month.
The wind farms, each with a capacity of 720MW, will feature 100 fixed-bottom turbines located 22-37km off the Polish coast.
The operations and maintenance base will be in Łeba, in northern Poland, serving as a hub for marine operations during construction. Equinor owns and operates the base.
