Poland, Sept. 21 -- The European Investment Bank (EIB) has signed an agreement to co-finance the construction of Poland's first offshore wind farm - one of the largest in the world - with a loan of up to €610 million. The project will be completed by a consortium led by the LLC Baltic Power. This flagship investment will help accelerate Poland's decarbonisation and boost energy security. €350 million if it 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 further the objectives of the REPowerEU plan by rolling out clean energy capacity to strengthen EU energy independence and security of supply. Speeding up the green transition and promoting investment in renewable energy are priorities of REPowerEU that are also promoted and supported by the EIB Group.
The Baltic Power offshore wind farm operation will be the EIB's first offshore wind farm in Poland. It is expected to be completed by end of the second quarter of 2026. The project consists of 76 wind turbines, their foundations, two offshore substations and one onshore substation, and four export cables and inter-array cables, with an overall installed capacity of approximately 1 140 MW. It will be located 23 km north of the Polish coastline, within the exclusive economic zone of Poland.
With this project, Poland will join Germany and Denmark in the group of EU countries successfully operating offshore wind in the Baltic Sea basin.
Baltic Power is owned by ORLEN (51% ownership) and Northland Power (49% ownership), and is devoted solely to this wind farm project. The EIB is providing a direct loan to Baltic Power, as well as an intermediated tranche for project-related on-lending made available to the Polish national promotional bank Bank Gospodarstwa Krajowego.
PKN ORLEN is the largest and most modern multi-utility conglomerate in Central Europe, operating in the region and on international markets. Northland Power is an independent power producer founded in 1987 and listed on the Toronto Stock Exchange. Northland Power owns and manages a diversified-generation mix of clean and renewable energy sources.
In 2022 the EIB Group made global commitments of €20.86 billion to support the sustainable development of energy sources. In Poland this financing reached €996 million, with a total of €3.25 billion earmarked to help transform the country's energy sector between 2018 and 2022. Published by HT Digital Content Services with permission from Pivotal Sources. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com