The European Bank for Reconstruction and Development (EBRD) has provided a €200m ($206.9m) loan to support the construction of the 1.5GW Baltica 2 offshore wind farm in Poland.
This follows a recent €400m loan from the European Investment Bank (EIB) for the same project.
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The project will be constructed, owned and operated through Ørsted and PGE Polska Grupa Energetyczna’s 50/50partnership, named Elektrownia Wiatrowa Baltica-2.
The companies reached the final investment decision on the project in early January 2025.
The EBRD has been a “leading institutional” investor in Poland, with investments totalling €15.4bn.
EBRD Energy Europe head Grzegorz Zielinski stated: “We are delighted to finance Baltica 2, the second offshore project for the bank in Poland and the largest such wind farm, in the first phase of the Polish offshore rollout.
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By GlobalData“The successful closing of this transaction is a testament to the improved cost-competitiveness of renewable energy projects compared with traditional fossil fuel generation in Poland. Through this investment, the EBRD is reinforcing its support to the entire offshore wind programme.”
PGE has secured financing for the Baltica 2 offshore wind farm project through contributions from a consortium of 24 financial institutions, including the EIB and EBRD and the Export and Investment Fund of Denmark.
Bank Gospodarstwa Krajowego (BGK) has signed two loan agreements with PGE for 5.5bn zlotys ($1.3bn) to support the construction of Baltica 2, marking the second and third agreements utilising knowledge process outsourcing funds for offshore wind farm construction.
The project will receive 6bn zlotys in loans from BGK, with 5.5bn zlotys coming from Poland’s National Recovery Plan.
Ørsted will fund its portion of the project with its own capital.
Located 40km off the Polish coast near Ustka, Baltica 2 is the largest offshore wind project in Poland’s first phase of offshore development.
Poland is aiming to source 58% of its electricity from renewable energy by 2030, with offshore wind energy playing a crucial role in its transition away from coal-fired power generation.
The wind farm is expected to generate around 5,000 gigawatt hours (GWh) of electricity annually – about 3% of Poland’s current electricity generation. It is projected to be fully operational by 2027 and will contribute to reducing more than 3.5 million tonnes of CO₂ emissions per year.
The project will also benefit from the Polish contract-for-difference support scheme.
