Equinor, an international energy company based in Norway, and Polenergia, Poland’s largest private energy group, have closed financing for the Bałtyk 2 and Bałtyk 3 offshore wind farms. This is the largest project finance transaction in the history of the Polish energy sector – around 30 financial institutions have been involved in financing the projects, and its value is over EUR 6 billion.
The funds for the construction of the Bałtyk 2 and 3 offshore wind farms will be provided by approximately 30 Polish and international financial institutions. These include the National Economy Bank (BGK), the European Investment Bank (EIB) and the Nordic Investment Bank (NIB). As part of the project financing package, the Polish export credit insurance agency KUKE provides guarantees, and the German export credit agency Euler Hermes provides insurance for lenders. The financing packages, worth over EUR 3 billion per project, were secured by the companies separately for Bałtyk 2 and Bałtyk 3. The total amount of over EUR 6 billion for both projects is the largest project finance transaction in the history of the Polish energy sector.
– Bałtyk 2 and 3 offshore wind farms are among the most important infrastructure projects in Poland’s modern history. Together, they constitute the largest project financing ever undertaken in the Polish energy sector. The strong interest from financial institutions underlines the solidity of these projects, as well as their strategic importance for Poland’s energy transformation and the integration of large-scale renewable energy sources into the national energy system. With key decisions made and financing secured, we are now focused on the safe, timely and efficient implementation of the construction – working closely with our partners to make this groundbreaking vision a reality – Michał Jerzy Kołodziejczyk, President of Equinor’s Management Board in Poland.
– We have achieved something extraordinary: we have closed financing provided by about 30 institutions, the largest players on the international financial market, we have obtained exceptionally good conditions on a market that has been demanding in recent months. We are starting the construction phase so that in three years clean energy from the most modern turbines will flow to Polish homes. Closing the financing places us among the largest private European investors in the energy sector. It is a great reason to be proud that a transaction in the project finance formula of such a scale is the participation of Polenergia, and the Polish private energy group, whose largest shareholder is Dominika Kulczyk, is driving the energy transformation – says Adam Purwin, President of Polenergia S.A.
The closing of the financing means that the conditions precedent to the release of the loans have been met. Earlier, on May 19, Equinor and Polenergia made final investment decisions (FIDs) for both projects, thus starting the construction phase of both farms. The Bałtyk 2 and Bałtyk 3 projects with a total capacity of 1,440 MW implemented by Equinor and Polenergia are a key element of the Polish energy transformation, and at the same time the largest private energy investment in Poland. Already in 2028, 100 modern wind turbines, each taller than the Palace of Culture and Science in Warsaw, will provide green energy to over 2 million Polish households, strengthening the security and energy independence of the country. Located in the Polish exclusive economic zone of the Baltic Sea, the farms are an opportunity to develop local industry and support the Polish economy.
Source: Polenergia
