EIB, EBRD Grant $620M for Poland’s Largest Offshore Wind Farm

The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) have granted a total of $623.6 million to support the development of 1.5 GW Baltica 2 offshore wind farm, the second and the largest offshore wind farm in Poland.

EIB signed an agreement with Poland’s largest utility Polska Grupa Energetyczna (PGE) to provide $415.7 million for the design and construction of Baltica 2 offshore wind farm in the Baltic Sea, being developed by PGE Ørsted.

The loan represents the first part of a $1.45 billion package approved by the European Union’s climate bank to support PGE and Ørsted in constructing two new, large-scale offshore wind farms in the Baltic Sea.

EBRD also contributed $207.9 million to support the buildout of the offshore wind farm, with the financing provided through a consortium of international and local commercial lenders, EIB, Bank Gospodarstwa Krajowego and the Export and Investment Fund of Denmark.

Once operational, Baltica 2 will be the largest wind farm in the Baltic Sea, with a capacity of up to 1.5 GW. It is expected to generate about 5,000 GWh of electricity annually, which equates to approximately 3 per cent of Poland’s current electricity generation.

Baltica 2 offshore