The Orlen Group and Northland Power have entered into credit facility agreements to finance their joint 1.2 GW Baltic Power offshore wind project, which will be constructed in the Polish waters of the Baltic Sea off the coasts of Łeba and Choczewo. The agreements have been signed with a syndicate comprising 25 Polish and international financial institutions, marking one of the key stages in the project preparation process. The overall project budget is estimated at about €4.73bn and includes capital expenditures with insurance of approximately €4.05bn, as well as financing costs and an additional reserve. The construction of the plant is slated to start in 2023, with the offshore segment following in 2024, and the project is expected to become operational in 2026.
In June 2021, the project was awarded by the Polish Energy Regulatory Office (URE) with a 25-year Contract for Difference (CfD) to PKN Orlen (51%) and Northland Power (49%). NP Baltic Wind and the Danish Vestas group has signed a conditional agreement to deliver the wind turbines.
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