EIB, EBRD Grant $620M for Poland’s Largest Offshore Wind Farm
February 3, 2025
The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) have granted a total of $623.6 million to support the development of 1.5 GW Baltica 2 offshore wind farm, the second and the largest offshore wind farm in Poland.
EIB signed an agreement with Poland’s largest utility Polska Grupa Energetyczna (PGE) to provide $415.7 million for the design and construction of Baltica 2 offshore wind farm in the Baltic Sea, being developed by PGE Ørsted.
The loan represents the first part of a $1.45 billion package approved by the European Union’s climate bank to support PGE and Ørsted in constructing two new, large-scale offshore wind farms in the Baltic Sea.
EBRD also contributed $207.9 million to support the buildout of the offshore wind farm, with the financing provided through a consortium of international and local commercial lenders, EIB, Bank Gospodarstwa Krajowego and the Export and Investment Fund of Denmark.
Once operational, Baltica 2 will be the largest wind farm in the Baltic Sea, with a capacity of up to 1.5 GW. It is expected to generate about 5,000 GWh of electricity annually, which equates to approximately 3 per cent of Poland’s current electricity generation.
Baltica 2 offshore wind farm is due to be completed as early as 2027.
It will comprise of 107 turbines located some 40 km north of Poland’s Baltic shore. Together with its sister project Baltica 3, they are to have total capacity of 2.5 GW and double PGE’s existing renewable energy portfolio.
“As the climate bank of the European Union and a leading partner of multidimensional energy transition in Poland, the EIB is keenly supporting Baltica 2. The EIB’s investment of $415.7 million is the largest own resources contribution to this transformative project by a financial institution.
“Baltica 2 is the biggest offshore wind farm under construction in the European Union. It will increase the share of renewables in Poland’s energy mix and help reduce greenhouse gas emissions. It will strengthen Poland’s energy security and support economic competitiveness by harnessing innovative technologies,” said Teresa Czerwińska, EIB Vice-President.
“Scaling up renewables and accelerating decarbonisation of the Polish economy are key strategic priorities for the Bank’s investments in Poland. We are delighted to support this milestone project, which will contribute to Poland and the European Union’s drive to net zero, and provide a solution to energy security concerns,” added Andreea Moraru, the EBRD’s Head of Poland and the Baltic States.
