Equinor and Polenergia have reached financial close on their joint Baltyk 2 and Baltyk 3 offshore wind projects in the Baltic Sea, securing over €3 billion in project financing for each development. The milestone enables full-scale construction of the 1,440 MW renewable energy initiative, which is expected to supply electricity to around 2 million Polish households once operational.

Large-Scale Investment in Poland’s Energy Future

Awarded Contracts for Difference (CfD) in 2021, the projects have secured a fixed power price of approximately €71 per megawatt-hour for 25 years, with prices indexed to inflation. Together, the projects represent a total capital investment of approximately €7.2 billion.

The financing structure includes around 80% debt, with contributions from approximately 30 financial institutions, including the European Investment Bank and the Nordic Investment Bank. Each project has secured its own financing package to cover construction and associated costs.

Construction Underway, Marine Operations Begin 2026

Equinor will lead construction and serve as the operator of both wind farms. Onshore construction is already in progress, and fabrication of key components has begun. Offshore installation work is scheduled to start next year, with full commercial operations targeted for 2028.

Danske Commodities, a subsidiary of Equinor, will handle power offtake and market services during the first three years of operations, including grid balancing and energy sales.

Boost to Poland’s Clean Energy Goals

The Baltyk projects are expected to make a significant contribution to Poland’s renewable energy capacity while supporting job creation and energy security. They also align with Equinor’s strategy to deliver double-digit nominal equity returns from low-carbon investments.

“This financial close marks a pivotal step toward delivering clean offshore wind power to millions of Polish homes and advancing the country’s energy transition,” the companies said in a joint statement.

The Baltyk 2 and 3 wind farms are among the largest offshore wind developments in the region and a key part of Poland’s push to diversify its energy mix and reduce reliance on fossil fuels.

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