<\/p>\n
The Baltica 2 wind farm off the Polish coast has secured \u20ac1.4bn in commitments from three export credit and development institutions, backing plans to build the largest offshore project in the EU.<\/p>\n
The funding is structured as three separate packages: an \u20ac800mn finance guarantee from Danish export credit agency the Export and Investment Fund of Denmark (EIFO), a \u20ac400mn loan from the European Investment Bank (EIB) and a \u20ac200mn loan from the European Bank for Reconstruction and Development (EBRD). The financing will be disbursed in Polish zloty.<\/p>\n
The development costs of Baltica 2 are equally shared between Poland\u2019s PGE and Denmark\u2019s \u00d8rsted, the co-owners of the project, meaning each must contribute around Z\u014215bn (\u20ac3bn).<\/p>\n
The funds secured from the EBRD, EIB and EIFO are allocated to PGE as part of a broader financing consortium comprising over 20 public and commercial institutions. PGE declined to provide the names or contributions of other consortium members. An \u00d8rsted spokesperson tells GTR that its share of the project is financed from its own capital.<\/p>\n
The 1.5GW wind farm will consist of 107 turbines located 40km off the northern coast of Poland. Once operational, it will be the largest offshore wind project in the EU, generating around 5000GWh a year, equivalent to 3% of Poland\u2019s current electricity production, according to the EBRD.<\/p>\n
All three institutions have cited environmental and energy security concerns as key drivers behind their investment.<\/p>\n
The EBRD estimates the programme will help avoid over 3.5 million tonnes of CO2 a year, while the EIB says its investment will strengthen co-operation and energy security in the Baltic Sea region.<\/p>\n
EIFO says its support \u201cdemonstrates a continued commitment to helping Poland to transition away from a historical dependence on coal, towards a future of clean and secure energy supply\u201d.<\/p>\n
The export credit agency\u2019s guarantee will also boost Danish exports by supporting large supply contracts involving Denmark-headquartered companies Siemens Gamesa Renewable Energy, Semco Maritime and Cadeler.<\/p>\n
\u201cThis financing agreement highlights EIFO\u2019s strategy in action: providing ambitious financing to support the development of innovative and impactful green energy projects, while simultaneously advancing the economic interests of Danish exporters,\u201d says EIFO\u2019s chief operating officer, Peter Boeskov.<\/p>\n
\u201cWe are delighted to be working together with two leaders in the energy transition on the development of this significant offshore wind farm, helping to maximise the potential of wind power generation.\u201d<\/p>\n
All three institutions have a long history of investing in wind power. Earlier this month, EIFO guaranteed US$420mn of financing to expand a wind farm in a war-torn area of Ukraine only a few days after announcing it would back a half-a-billion-dollar loan to French energy company Engie for onshore wind.<\/p>\n
In 2023, the EBRD and EIFO also funded Poland\u2019s first offshore wind farm, Baltic Power, with loans of \u20ac140mn and \u20ac1bn respectively. The same year, the EIB extended a \u20ac400mn loan to \u00d8rsted for the development of new wind farms.<\/p>\n
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