Baltic Power can borrow EUR 1bn under Poland's offshore wind plan

March 21 (Renewables Now) - The Baltic Power project of Poland's PKN Orlen (WSE:PKN) and Canada’s Northland Power Inc (TSE:NPI) has qualified for PLN 4.687 billion (USD 1.06bn/EUR 996m) in financing under Poland's programme for offshore wind support, according to the website of the Ministry of State Assets.

The Ministry of State Assets announced Thursday the result of a call for offshore wind projects that could apply for a loan under the National Recovery and Resilience Plan (NRRP). The call was addressed to projects under a contract for difference scheme, with a minimum capacity of 300 MW, to be completed by June 2026.

Only Baltic Power, the joint venture of Orlen and Northland Power, was in the list. It had submitted documents for a 1,140-MW offshore farm at the cost of PLN 17.9 billion.

Financing will be in the form of loans, on market terms, extended by the Polish development bank, Bank Gospodarstwa Krajowego, for 40% of the project cost, the ministry explained earlier.

The country's allocation under NRRP for the implementation of offshore wind farm projects is EUR 3.25 billion (USD 3.48bn) in the form of repayable support, the ministry added.

(PLN 10 = USD 2.278/EUR 2.126)