The European Investment Bank (EIB) has signed an agreement to co-finance the construction of the first offshore windfarm in Poland and one of the largest ones in the world, with a loan of up to €610 million.
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The project will be built by a consortium led by Baltic Power. This flagship investment will help accelerate Poland’s decarbonization, boost energy security.
€350 million of this investment are backed by the InvestEU programme, which aims to mobilise investment for EU policy priorities, including the green transition.
The project is of strategic importance and will also contribute to the objectives of the REPowerEU Plan, by rolling out clean energy capacity to support EU's energy independence and its security of supply.
Speeding up the green transition and promoting investment in renewable energy is one of the priorities of the REPowerEU Plan also promoted and supported by the EIB Group.
The Baltic Power offshore windfarm operation will be the EIB’s first offshore wind financing in Poland and the first offshore windfarm to reach financial close under the new Polish Offshore Wind Contracts for Difference (CfD) regulatory regime. It is expected to be completed by end of the second quarter of 2026.
The project consists of 76 wind turbines, foundations, two offshore substations and one onshore substation, four export cables and inter array cables, having an overall installed capacity of approximately 1,140 MW.
It will be located 23 km to the north of the Polish coastline within the exclusive economic zone of Poland.
With the development of this project Poland will join Germany and Denmark in the group of EU countries which have been successfully operating offshore wind in the Baltic Sea basin.
Baltic Power is a company owned by PKN ORLEN (51% of ownership) and Northland Power (49% of ownership) and is solely dedicated to developing this wind farm’ project.
EIB provides a direct loan to the project company and in addition provides an intermediated tranche to the Polish National Promotional Bank, Bank Gospodarstwa Krajowego to on-lend to the project.
The EIB Group in 2022 committed globally €20.86 billion to support sustainable development of the energy sources. In Poland this financing reached €996 million and earmarked a total of €3.25 billion between 2018 and 2022 to assist the transformation of Poland’s energy sector. ■
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