Largest project finance transaction in Poland’s energy industry history. Equinor and Polenergia reach financial close for each of the Bałtyk 2 and Bałtyk 3 projects. 

The project joint venture partners – the international Norwegian-based energy company Equinor and Polenergia, Poland's largest private energy group, have reached financial close for each of the offshore wind farm projects, Bałtyk 2 and Bałtyk 3. This marks the largest project finance transaction in Polish energy sector of total value exceeding EUR 6 billion and involving approximately 30 financial institutions.

Approximately 30 Polish and international financial institutions, including Polish development bank – Bank Gospodarstwa Krajowego (BGK), the EU’s European Investment Bank (EIB) and the Nordic Investment Bank (NIB), will provide funding of the Bałtyk 2 and Bałtyk 3 offshore wind farms. As part of the project financing package, the Polish export credit agency, KUKE provides guarantees, and the German export credit agency, Euler Hermes, provides cover policies for lenders. Project finance packages over EUR 3 billion have been secured for each of the Bałtyk 2 and Bałtyk 3 projects.  With a combined total of over EUR 6 billion, the two projects represent the largest project finance transaction in the history of the Polish energy sector.

We have accomplished something remarkable: we secured financing from around 30 institutions - the biggest players in the international financial market — and obtained exceptionally favorable terms in what has been a challenging market in recent months. We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes. Securing this financing places us among the largest private energy investors in Europe. It is a great source of pride that a project finance transaction of this scale involves Polenergia, and that a private Polish energy group, whose largest shareholder is Dominika Kulczyk, is driving the energy transition.

Adam Purwin

CEO of Polenergia S.A.

Finacial close means that the conditions precedent to loan disbursement have been fulfilled. On May 19, Equinor and Polenergia took final investment decisions for both projects, officially launching the full-scale construction phase.

- The Bałtyk 2 and 3 offshore wind farms represent one of the most significant infrastructure developments in Poland's modern history. Together, they constitute the largest project finance undertaking ever completed in the Polish energy sector. The strong interest from financial institutions underscores the robustness of these projects. It also highlights their strategic importance to Poland’s energy transition and the integration of large-scale renewable energy into the national energy mix. With key decisions finalized and financing secured, we now shift our focus to the safe, timely, and efficient execution of construction – working closely with our partners to deliver on this transformative vision.

Michał Jerzy Kołodziejczyk

Country Manager of Equinor in Poland

The Bałtyk 2 and Bałtyk 3 projects, developed by Equinor and Polenergia, boast a total capacity of 1,440 MW and are a key component of the country’s energy transition, representing the largest private energy investment in Poland.

By 2028, green energy will be generated from 100 state-of-the-art wind turbines, each as tall as the Palace of Culture and Science in Warsaw, providing power to over 2 million Polish households. This initiative will significantly enhance the country’s energy security and independence. Located in the Polish exclusive economic zone of the Baltic Sea, the farms present opportunities for local industry and the national economy.

Szanowny użytkowniku, w zgodzie z założeniami RODO potrzebujemy Twojej zgody na przetwarzanie danych osobowych w tym zawartych w plikach cookies. Dowiedz się więcej.

Largest project finance transaction in Poland’s energy industry history. Equinor and Polenergia reach financial close for each of the Bałtyk 2 and Bałtyk 3 projects.

Wyniki wyszukiwania

Largest project finance transaction in Poland’s energy industry history. Equinor and Polenergia reach financial close for each of the Bałtyk 2 and Bałtyk 3 projects. 