In line with its strategy, ORLEN is consistently expanding low- and zero-emission energy sources, significantly contributing to the enhancement of Poland’s and the region’s energy security. A key element of these efforts is investment in offshore wind energy. To implement these projects, the company has secured PLN 3.5 billion from the National Recovery and Resilience Plan (KPO), under agreements signed with Bank Gospodarstwa Krajowego (BGK).
The Baltic Sea is becoming the energy hub of the entire region. It is here that we are developing our strategic renewable energy investments—building the Baltic Power offshore wind farm and preparing for the next project, Baltic East. These ventures will not only strengthen Poland’s energy security but are already driving regional economic growth and creating new jobs. The implementation of these projects is supported, among others, by funds obtained from the National Recovery and Resilience Plan. Through our cooperation with Bank Gospodarstwa Krajowego, we are building a modern and sustainable future for the Polish economy.
— Ireneusz Fąfara, President of the Management Board, ORLEN
The agreements signed by ORLEN and Bank Gospodarstwa Krajowego provide the company with financing of approximately PLN 3.5 billion. Of this amount, PLN 900 million will be allocated to the Baltic Power offshore wind farm, with the remaining funds dedicated to the Baltic East project.
Offshore wind farms involve a wide range of advanced competencies—not only in energy, but also in logistics and marine engineering. The benefits of their construction and operation extend beyond the traditional supply chains of the energy sector, stimulating the growth of numerous branches of the national economy. This effect—alongside the reduction of electricity costs in a decarbonized economy—is particularly significant for the competitiveness of domestic enterprises and Poland’s investment appeal. It also represents the true measure of the effectiveness of the funds provided under the National Recovery and Resilience Plan.
— Prof. Marta Postuła, First Vice President of the Management Board, Bank Gospodarstwa Krajowego
ORLEN may use the allocated funds for expenditures related to the offshore components of the investments, including financing the production, delivery, and installation of wind turbines and foundations.
Baltic Power, developed by ORLEN in partnership with Northland, is currently the most advanced offshore wind farm project in the Polish part of the Baltic Sea. The first megawatt-hours of energy will flow from the farm as early as next year, covering up to 3% of Poland’s total electricity demand.
At the same time, the ORLEN Group is planning to develop additional projects in partnerships, with a total capacity of around 5.5 GW. Baltic East—the most advanced project of the second offshore phase, adjacent to the Baltic Power farm—is currently being prepared for participation in the capacity auction scheduled for December. Offshore wind energy remains one of the company’s strategic development directions.
Source: BGK
