1.2 GW Polish Offshore Wind Project Gathers Financing Team

PKN Orlen and Northland Power, the owners of the Baltic Power offshore wind project in Poland, have appointed a consortium comprising Polish company Pekao Investment Banking and the international financial advisory firm Green Giraffe as a financial advisor for their 1.2 GW offshore wind farm.

The two companies will be responsible for developing a complete concept of raising funds for the project along with an execution schedule. The consortium will also assist in the preparation of the required documentation and will establish contracts with potential partners.

“The consortium we have selected combines two features that are vital to us – in-depth knowledge of the Polish market and a long track record of raising capital for offshore wind projects. Financing large-scale offshore projects is still new to local financial institutions. The combined knowledge and experience of the two companies will help with effective fundraising and will set the course for the financing of similar ventures in the Baltic Sea”, said Jarosław Broda, President of the Baltic Power Management Board.

The 1.2 GW Baltic Power offshore wind farm secured a contract for difference (CfD) with Poland’s Energy Regulatory Office this summer. The award is part of the Polish government’s commitment, through the Polish Offshore Wind Act, to support an initial phase of 5.9 GW of offshore wind.

Baltic Power will comprise up to 100 wind turbines, with the construction currently scheduled to start in 2023 and commissioning expected to take place in 2026.

The 1.2 GW offshore wind farm is located about 23 kilometres north of the Baltic coastline, near Łeba and Choczewo.