Equinor, Polenergia Secure Over €6BN for BałTyk Wind Projects

Wedoany.com Report-May 26, Equinor and Polenergia have finalized financial agreements for the Bałtyk 2 and Bałtyk 3 offshore wind projects in Poland, securing two financing packages, each exceeding €3 billion, for a combined value over €6 billion. This marks the largest project financing in Poland’s energy sector, involving around 30 financial institutions, including Poland’s Bank Gospodarstwa Krajowego, the European Investment Bank, and the Nordic Investment Bank. Poland’s KUKE and Germany’s Euler Hermes are providing guarantees and cover policies.

The projects are expected to begin full commercial by 2028.

The financial closure enables loan disbursements to cover approximately €7.2 billion in construction and capital expenses. The projects, awarded Contracts for Difference in 2021, guarantee power prices of about €71 per MWh, adjusted for inflation, for 25 years. Equinor is overseeing construction and operations, with onshore activities underway, component manufacturing started, and marine operations scheduled to begin next year.

With a combined capacity of 1,440 MW, Bałtyk 2 and Bałtyk 3 will supply clean energy to two million Polish households upon completion, expected by 2028. Located 22-37 km off Poland’s coast, the wind farms will feature 100 fixed-bottom turbines. Danske Commodities, an Equinor subsidiary, will manage power balancing and offtake for the first three years.

Michał Jerzy Kołodziejczyk, Equinor Poland’s country manager, stated: “Bałtyk 2 and Bałtyk 3 represent the beginning of a new era in Poland’s offshore wind energy development. These wind farms are set to contribute to Poland’s industrial future by producing renewable electricity for Polish households, creating employment opportunities, and enhancing both energy security and the energy transition.”

Equinor and Polenergia each hold a 50% stake in the projects. Construction permits were obtained in August 2024, followed by final investment decisions earlier this year. The operations and maintenance base in Łeba, northern Poland, owned and operated by Equinor, will support marine activities during construction.

These projects strengthen Poland’s renewable energy infrastructure, fostering sustainable growth through clean power generation and local job opportunities, while advancing the nation’s transition to a low-carbon energy system.