EBRD finances Baltica 2, the largest wind farm in the Baltic Sea

• EBRD lends €200 million for the construction of Baltica 2, the second and the largest offshore wind farm in Poland
• Baltica 2 to add 1.5 GW of renewable capacity to Polish energy system, generate 3 per cent of Poland’s electricity
• Project will help Poland meet renewable energy generation and decarbonisation targets
  
  

The European Bank for Reconstruction and Development (EBRD) is supporting Poland’s renewable energy development by extending a €200 million loan to finance the construction and development of the Baltica 2 offshore wind farm.

The EBRD’s financing is provided through a consortium of international and local commercial lenders, the European Investment Bank, Bank Gospodarstwa Krajowego and the Export and Investment Fund of Denmark.

Baltica 2 is the second and the largest offshore wind project in the first phase of offshore rollout in Poland. It follows Baltic Power – Poland’s first offshore wind farm, which the EBRD also supported in 2023.

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. This will help to avoid over 3.5 million tonnes of CO2 emissions a year. Baltica 2 will benefit from the Polish Contract-for-difference (CfD) support scheme.

With concerns for energy security growing amidst geopolitical tensions, Poland has increased its climate ambitions, pledging to generate 58 per cent of its electricity from renewable sources by 2030. The growth of offshore wind energy deployment is seen as key to reducing the country’s coal-fired energy generation and meeting this target. Energy security and the climate transition also remain key priorities for the Polish government under Poland’s rotating presidency of the European Council.

Grzegorz Zielinski, the EBRD’s Head of Energy Europe, said: “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. The successful closing of this transaction is 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."

Andreea Moraru, the EBRD’s Head of Poland and the Baltic States, said: “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.”

Elektrownia Wiatrowa Baltica-2 is the special purpose vehicle incorporated in Poland to develop, build and operate the wind project. It is jointly owned by PGE, the largest vertically integrated Polish power utility, and Orsted, a global leader in offshore wind power development.

The EBRD is a leading institutional investor in Poland, investing almost €15.4 billion in the country to date. Last year the Bank invested a record €1.43 billion there.