The European Investment Bank (EIB) has approved a €1.4bn in-principle financing for the 2.5 GW Baltica offshore wind project to be built off Poland. The project, which is being developed by PGE Group and Ørsted, comprises two stages, the 1.5 GW Baltica 2 and the 1 GW Baltica 3, planned to be commissioned by 2030.
For Baltica 2 and Baltica 3’s financing, there is one tranche to be disbursed in the project finance formula in the amount of up to €350m, and one tranche to be disbursed based on guarantees from financial institutions, banks or export credit agencies.
The project will be developed in the Polish part of the Baltic Sea between Łeba and Ustka, the turbines will be installed 25 km from the Polish shore at the closest. The Baltica Offshore Wind project, which will be able to generate enough power for 4 million Polish households, obtained a positive environmental decision for its development in January 2020.
As of end-2022, Poland did not yet have any offshore wind capacity but had over 8 GW of onshore wind capacity, which represented over 13% of the country’s total installed capacity. Poland currently has nearly 1 GW of wind capacity under construction and over 18 GW under development.
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