EBRD considers EUR-300m loan for Baltica 2 offshore wind project

The European Bank for Reconstruction and Development (EBRD) is considering providing up to EUR 300 million (USD 332.5m) to support the construction and operation of the 1.5-GW Baltica 2 offshore wind project off the Polish coast in the Baltic Sea.

If approved, the funds will be provided in the form of a non-recourse long-term senior loan alongside multiple commercial banks, export agencies and development banks, a notice on the EBRD website showed on Tuesday.

The transaction is currently under a "concept reviewed" status with an approval date set for November 20, 2024.

The project, described as the largest offshore wind farm envisaged in the first phase of the offshore rollout in Poland, is a joint venture between Polish utility PGE Polska Grupa Energetyczna SA (WSE:PGE) and Denmark’s Ørsted A/S (CPH:ORSTED).

Once commissioned, which is expected in 2027, the stations’ planned 14-MW Siemens Gamesa wind turbines are expected to generate 5 TWh of clean electricity annually.

Work on the project development is progressing. At the end of last month, US marine robotics company Ocean Infinity wrapped up the survey to identify sub-surface boulders across a 540-km terrain designated for Baltica 2.

(EUR 1 = USD 1.108)

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