NIB funds large-scale offshore wind power developments in the Baltic Sea
- Bałtyk 2 and Bałtyk 3 wind farms will each have a capacity of 720 MW.
- The wind farms will produce enough power to supply around 2 million average Polish households and make up about a quarter of Poland’s 2030 installed offshore wind capacity target.
- NIB’s EUR 126 million financing has a maturity of 26 years, providing long-term capital and a diversified funding base.
The Nordic Investment Bank (NIB) will provide two 26-year loans of EUR 64 million and EUR 62 million, respectively, for the construction and operation of two large-scale offshore wind farms, Bałtyk 2 and Bałtyk 3 in Poland. The loans are supported under the InvestEU programme, which aims to trigger more than EUR 372 billion in investment supporting EU policy priorities, by 2027.
The Bałtyk 2 and Bałtyk 3 wind farms will each have a capacity of 720 MW. Together, they will feature 100 wind turbines and a combined energy generation capacity of over 4,900 GWh a year. Located some between 22 and 37 kilometres off the coast, the wind farms are being jointly developed by Norway’s Equinor Wind Power and Poland’s Polenergia.
NIB President and CEO André Küüsvek said: “Our long-term financing supports the cross-border cooperation that will bring benefits for the entire Nordic-Baltic region. These offshore wind developments will not only accelerate the energy transition in Poland but also make regional electricity markets more resilient.”
The projects will reduce around 1.6 million tonnes of CO2 emissions per year, thus significantly contributing to the decarbonisation of the Polish electricity grid. Operations are planned to commence in 2028.
Equinor Wind Power and Polish Polenergia are also advancing their Bałtyk 1 offshore wind farm, which is planned to be the final phase of these three projects. Altogether, Bałtyk 1, Bałtyk 2 and Bałtyk 3 will have a combined capacity of up to 3 GW, making it the largest offshore energy development in the Baltic Sea region to date.
Background information
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 were established for the construction and operation of the wind farms.
Nordic Investment Bank (NIB) is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. NIB finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank was founded in 1975, began operations in 1976, and the Baltic countries joined in 2005. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s. NIB is InvestEU implementing partner since December 2022.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of EUR 26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least EUR 372 billion in additional investment.
Contacts:
Thomas Haga, Senior Banker, Project & Structured Finance, +358 10 618 0353, thomas.haga@nib.int
Vytautas Brazaitis, Senior Communications Officer, +358 10 618 0235, vytautas.brazaitis@nib.int
