The Polish state-owned company PGE Polska Grupa Energetyczna has selected a financial advisor to arrange and obtain financing for the construction of the Baltica 2 and Baltica 3 offshore wind farms. It is the French investment bank Société Générale.
The selection of the financial advisor was carried out on the basis of the Polish public procurement law in the form of sectoral negotiations with publication. 5 contractors submitted their requests to participate in the procedure. The Polish investor emphasizes that cooperation with an institution with an established position on the European financial market, such as Société Générale, proves that PGE, being the largest electricity company in Poland, enjoys the trust of financial institutions.
Société Générale is an experienced financial institution also active in the offshore wind energy sector. The cooperation with the French was praised by, among others investors of the Dogger Bank farm in the North Sea. Societe Generale helped provide optimized financing for a demanding and complex offshore wind project.
Baltica offshore wind farm will be implemented in the multicontracting formula. PGE will finance its part of the expenses related to the construction of the Baltica 2 and Baltica 3 farms with equity and by acquiring external debt in the project finance formula.
The construction of the Baltica 2 and Baltica 3 offshore wind farms with a capacity of 2.5 GW is carried out by PGE together with a strategic partner – the Danish company Ørsted. Both companies each own 50 percent of the project. The Baltica 3 wind farm with an installed capacity of 1,045 MW will be put into operation in 2027, and the closing of financing for this investment is planned for 2023.
The Baltica 2 farm with a capacity of 1,498 MW will be put into operation in 2028, and the closing of financing for this investment is planned for 2024.