EIB approves financing for Baltyk 2, Baltyk 3 wind farms off Poland

The management of the European Investment Bank (EIB) has approved financing for the Baltyk 2 and Baltyk 3 wind farms, of a total 1,440 MW, developed jointly by Poland's Polenergia (WSE:PEP) and Norway's Equinor (OSE:EQNR).

The EIB funds will be used to reduce air pollution, expand renewable energy sources and support the broadly understood energy transformation in Poland, EIB vice-president Teresa Czerwinska said in a social media post on Thursday without specifying the amount.

In addition, the EIB's involvement in the project will help strengthen the country's energy security and introduce the latest technologies, she added.

The project companies of the wind farms applied to the EIB in July for financing the design, implementation and operation of the Baltyk 2 and Baltyk 3 wind farms with a capacity of up to 720 MW each, located off the Ustka-Leba coast of northern Poland, the bank said.

Recently, Polenergia sold PLN 750 million (USD 187m/EUR 173m) worth of green bonds raising proceeds for financing offshore projects.

The two wind farms are expected to generate first power in 2027 and become fully operational in 2028. The projects have a full set of building permits and have hired a number of important contractors.

Equinor and Polenergia are also partnering on the development of the 1.56-GW Baltyk 1 offshore wind farm project, which is to be built some 81 km off the Baltic coast.

(PLN 1 = USD 0.249/EUR 0.231)

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