PGE Polska Grupa Energetyczna S.A. has announced that it has received investment approval for its 2.5 GW Baltica offshore wind project from the European Investment Bank (EIB). The company will receive financing of €1.4 billion. The project is located in Poland and involves two stages: the 1.5 GW Baltica 2 and 1 GW Baltica 3, expected to be completed by 2027 and the end of the decade, respectively. Furthermore, the wind farm is being developed by PGE in collaboration with Denmark’s Ørsted.
There are two tranches to be disbursed for each stage of the project. One tranche will be awarded based on guarantees from financial institutions, export credit agencies, or banks. The other tranche will be awarded in the project finance formula of a maximum of €350 million.
In May 2023, the Baltica Offshore Wind Farm developers PGE and Ørsted formalized the partnership for the offshore wind project’s land connection. This partnership included Biuro Studiów, Projektów i Realizacji (EnergoprojektKatowice), and Energopomiar. According to the agreement, the consortium was to oversee the general contractor’s work as an investor, as the line and station portions of the onshore connection were being built.