MFW BAŁTYK II and III SP. Z O.O.

The loan will finance the construction and operation of two large-scale offshore wind farms in Poland, Bałtyk 2 and Bałtyk 3. The wind farms, located some 22-37 kilometres off the coast, are being jointly developed by Norwegian Equinor Wind Power and Polish Polenergia.

The Bałtyk 2 and Bałtyk 3 will have 50 offshore turbines each, with a capacity of 720 MW for each project.

Together, they will produce enough power to supply about 2 million average Polish households and make up about a quarter of the Polish government’s 2030 installed offshore wind capacity target.

It is planned that the wind farms will start operations in 2028.

The loans are supported under the InvestEU programme.

Equinor Wind Power is a subsidiary of the Norwegian energy group Equinor ASA. Polenergia is Poland’s largest private energy group. MFW Baltyk II sp. z o.o. and MFW Baltyk III sp. z o.o. are SPVs established by Equinor ASA and Polenergia S.A. for the construction and operation of the wind farms.

Productivity

The project entails two out of seven ongoing large offshore wind farms in the same area of the Baltic Sea, north of Poland. After completion, the annual production volume of offshore wind in northern Poland will amount to 35 TWh. This will require the restructuring of the network and the securing of sufficient balancing power.

The increase in supply will affect power markets in NIB member countries by reducing the imports from Sweden and Lithuania. In Sweden, this may alleviate the grid congestion between northern and southern price areas which is currently causing significant price differences. In Lithuania, increased offshore production in Poland will place downward pressure on prices. However, as wind power production levels between these two countries are more correlated, the Bałtyk wind farms will increase the volatility of the system in Lithuania.

Environment

The combined added generation of Bałtyk 2 and Bałtyk 3 is over 4,900 GWh annually.

Together, the projects will reduce CO₂ emissions by around 1.6 million tonnes a year.

Poland has one of the most carbon-intensive electricity grids in Europe, and the investment will support its energy transition. The wind farms will also contribute to the target of at least 42.5% of final energy use from renewable sources in Poland by 2030.

Impact indicators in relation to the investments:

• Capex, EUR billion
• Capacity, MW
• Annual production, GWh (P90)
• Price area LT, EUR/MWh
• Price area PL, EUR/MWh
• Price area SE4, EUR/MWh

Sustainability proofing has been carried out in accordance with the InvestEU Fund requirements.

The investment includes the Bałtyk 2 and Bałtyk 3 offshore wind farms, inter-array cables and export cables (subsea underground), two offshore substations, onshore underground cables between the transition joint and onshore substation, and onshore underground cables between the substation and grid connection.

The environmental and construction permits for the project are in place.

A sustainability proofing has been carried out in accordance with the InvestEU Fund requirements, and a summary will be made available here.