Equinor and Polenergia, each holding a 50% stake, have achieved financial close for the Bałtyk 2 and Bałtyk 3 offshore wind projects, according to the company's release.
Each project has secured over €3 billion in financing, including ancillary facilities, totaling approximately €6.4 billion. Awarded Contracts for Difference (CfD) in 2021, the projects have secured power prices at approximately €71 per MWh (2021 price) for 25 years, adjusted for inflation.
The projects are financed with approximately 80% debt, supporting Equinor’s expected double-digit nominal equity rate of return for renewables and low-carbon investments.
Equinor is responsible for the construction phase and will operate the two offshore wind farms.
Onshore construction is ongoing, key component fabrication has commenced, and marine operations are scheduled to begin next year.
The combined capacity of the projects is 1,440 MW, sufficient to power 2 million Polish homes.
Full commercial power production is expected in 2028. The financing packages will cover capital investment and other expenses during construction, totaling approximately €7.2 billion.
Danske Commodities, a subsidiary of Equinor, will provide route-to-market services, including balancing and power offtake, for the first three years of operations.
Michał Jerzy Kołodziejczyk, Country Manager in Poland, commented: “Bałtyk 2 and Bałtyk 3 represent the beginning of a new era in Poland's offshore wind energy development. These wind farms are set to contribute to Poland's industrial future by producing renewable electricity for Polish households, creating employment opportunities, and enhancing both energy security and the energy transition. We will collaborate with industry partners to ensure their delivery is safe and efficient.”
Equinor is a Norwegian energy company engaged in oil, gas, and renewable energy operations in over 30 countries. In Poland, Equinor is developing offshore wind projects Bałtyk 2 and 3, each with a capacity of 720 MW, and Bałtyk 1, with up to 1,560 MW. Equinor also operates solar plants and an onshore wind park in Poland through its subsidiary Wento, totaling approximately 200 MW, and supports Poland's energy transition via natural gas supply through the Baltic Pipe.
Polenergia is the largest private energy group in Poland, focusing on renewable energy generation, distribution, and trading.
Danske Commodities is an energy trading company based in Aarhus, Denmark, and a subsidiary of Equinor. The company specializes in trading and balancing services across European energy markets.