Equinor and Polenergia have announced the financial close for the Bałtyk 2 and Bałtyk 3 offshore wind projects with a combined value exceeding €6bn ($6.8bn).

The transaction represents the largest project finance transaction in Poland’s energy industry, according to Polenergia.

The Bałtyk 2 and Bałtyk 3 projects, jointly developed by Equinor (50%) and Polenergia (50%), have secured project finance packages of over €3bn each.

This milestone involves around 30 Polish and international financial institutions, including Bank Gospodarstwa Krajowego (BGK), European Investment Bank (EIB), and Nordic Investment Bank (NIB), alongside guarantees from the Polish export credit agency, KUKE, and cover policies from Euler Hermes.

Polenergia CEO Adam Purwin said: “We have secured financing from around 30 institutions – the biggest players in the international financial market — and obtained exceptionally favourable terms in what has been a challenging market in recent months.

“We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes.”

The Bałtyk 2 and Bałtyk 3 offshore wind farms, to be developed in parallel, will consist of 100 fixed-bottom turbines with a total capacity of 1.4GW.

The projects were awarded Contracts for Difference in 2021, locking in power prices for 25 years, with inflation indexation.

On 19 May, the joint venture partners took final investment decisions for both projects, advancing them into the full-scale construction phase.

Equinor will oversee the construction and operation of the wind farms, with onshore construction already underway and marine operations set to commence next year.

Equinor senior vice president for renewables Europe Trine Borum Bojsen said: “With financial close reached for Bałtyk 2 and Bałtyk 3, the last important milestone is passed ahead of full-scale construction.

“We appreciate the strong interest and support from lenders. This underpins the attractiveness of the projects and the confidence in Polenergia and Equinor as developers.”

The initiative is set to significantly bolster Poland’s energy security and independence, with full commercial power production anticipated in 2028, providing power to more than two million Polish households.

Equinor and Polenergia recently secured the final environmental decision for the development of the Bałtyk 1 offshore wind farm.

With a planned capacity of up to 1.56GW, Bałtyk 1 is being prepared for Poland’s offshore wind farm auction in 2025.