Equinor and Polenergia Secure €6 Billion Financing for Ba?tyk 2 and Ba?tyk 3 Offshore Wind Projects

Equinor and Polenergia have reached financial close on their Ba?tyk 2 and Ba?tyk 3 offshore wind projects, securing over €6 billion in project financing. The joint venture partners, with equal 50-50 ownership, have arranged individual financing packages exceeding €3 billion for each project. The combined investment, including ancillary facilities, totals approximately €7.2 billion.

The projects, which received Contracts for Difference (CfD) in 2021, will benefit from secured power prices of approximately €71 per MWh for 25 years, with inflation indexation. The wind farms are being financed with approximately 80% gearing.

With a total power capacity of 1440 MW, the wind farms will be capable of powering 2 million Polish homes. The projects will feature 100 fixed-bottom turbines located 22-37 km off the Polish coast.

“Ba?tyk 2 and Ba?tyk 3 represent the beginning of a new era in Poland’s offshore wind energy development,” said Micha? Jerzy Ko?odziejczyk, Country Manager in Poland. “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”.

Equinor will lead the construction phase and operate both wind farms. While onshore construction is already underway and component fabrication has begun, marine operations are scheduled to commence next year. The projects are expected to achieve full commercial power production in 2028.

The financing arrangement has attracted strong interest from lenders, with approximately 30 financial institutions participating, including experienced sector players, Equinor’s core banks, the Nordic Investment Bank, and the European Investment Bank.

Danske Commodities, an Equinor subsidiary, will handle route-to-market services, including balancing and power offtake during the first three years of operations.

The operations and maintenance base will be established in ?eba, in northern Poland’s Gda?sk region, serving as the center for marine operations and construction support.

Final investment decisions for both projects were made by the joint venture partners on May 19, marking the last major milestone before full-scale construction begins.