Equinor and Polenergia – Baltic funding 2 and 3 closed. Construction begins

Equinor – a Norwegian energy company with international reach – and Polenergia, the largest private energy group in Poland, finalized the process of raising funds for the implementation of Baltic 2 and Baltic 3 offshore wind farms. It is the largest project finance transaction in national energy history. The total value of financial commitments exceeds EUR 6 billion.

Record funding for Equinori Polenergiand

About 30 financial institutions from Poland and abroad were involved in the project. Among them were Bank Gospodarstwa Krajowego, European Investment Bank and the Nordic Investment Bank. The elements of the financial security are provided by the Polish Export Credit Insurance Agency KUKE and the German agency Euler Hermes, which offers the insurance of creditors.

The funding was organised in a separate way for each project – separately for Baltic 2 and Baltic 3 – and each package exceeds EUR 3 billion. As a result, the total amount of capital involved established a new record for infrastructure investments based on renewable energy sources on the Polish market.

Construction of wind farms Baltic 2 and Baltic 3

The closure of the financing process means the fulfilment of the suspension conditions necessary for the mobilisation of investment credits. On 19 May, Equinor and Polenergia made final investment decisions (FID) for both projects, thereby opening the stage of construction of offshore wind farms.

Closure of funding confirms the strategic importance of projects Baltic 2 and Baltic 3 for the energy transformation of Poland. Now we focus on the safe and timely implementation of the investment.

Michał Jerzy Kołodziejczyk, President of Equinor Polska

Projects Baltic 2 and Baltic 3, with a combined capacity of 1440 MW, are one of the pillars of the Polish energy transition and the largest private energy investment in the history of the country. According to the schedule, already in 2028 100 modern wind turbines – each higher than the Palace of Culture and Science – will provide renewable energy to more than two million households.

Location of both farms in the Polish exclusive economic zone Baltic Sea creates not only an impulse to improve the energy security of the state, but also a real opportunity to develop national industry and strengthen the position of Polish companies in supply chains for the offshore sector.

Source: Baltic 123/MD

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