"The Agreements were signed with a consortium consisting of 25 Polish and foreign financial institutions," Orlen said. "The Consortium will grant Baltic Power investment loans in the total amount of EUR 3,6 bn for a period of 23 years."
Additionally, Baltic Power will be able to use additional and standby loans in the amount of PLN 1 bln and EUR 0.6 bln, respectively.
The repayment of the loan will be "based on future financial surpluses generated by the project," the company elaborated.
The project is being carried out by the joint venture Orlen and NP BALTIC WIND B.V., a subsidiary of Northland Power Inc., with Orlen holding over 51% of the shares in Baltic Power.
The budget of the project is estimated at ca. EUR 4.73 bln, with the construction of the offshore wind farm to be launched still this year and commercial operations planned for 2026, Orlen also said.
"It is estimated that upon completion of the Project, in the first 5 years of Project operation, Baltic Power may generate additional free cash flow of ca. EUR 140 mln annual average," the filing reads. Baltic Power's EBITDA may reach ca. EUR 400 mln annually, it added.
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