Equinor, an international energy company headquartered in Norway, and Polenergia, Poland’s largest private energy group, have closed the financing for the Baltic 2 and Baltic 3 offshore wind farms. This is the largest project-finance transaction in the history of the Polish energy sector — around 30 financial institutions have been involved, and its total value exceeds EUR 6 billion.

Around 30 Polish and international financial institutions will provide funding for the construction of the Baltic 2 and Baltic 3 offshore wind farms. These include, among others, Bank Gospodarstwa Krajowego (BGK), the EU’s European Investment Bank (EIB), and the Nordic Investment Bank (NIB). As part of the project-financing package, the Polish export credit agency KUKE is providing guarantees, while the German export credit agency Euler Hermes is offering insurance for lenders.

Financing packages worth more than EUR 3 billion per project have been secured separately for Baltic 2 and Baltic 3. The combined amount of over EUR 6 billion for both projects represents the largest project-finance transaction in the history of Polish energy.

“The Baltic 2 and Baltic 3 offshore wind farms are among the most important infrastructure undertakings in modern Poland. Together, they constitute the largest project financing ever executed in the Polish energy sector. The strong interest from financial institutions highlights the robustness of these projects and their strategic importance for Poland’s energy transition and for integrating large-scale renewable energy into the national power system. With key decisions taken and financing secured, we now focus on the safe, timely, and efficient execution of construction — working closely with our partners to bring this groundbreaking vision to life,” said Michał Jerzy Kołodziejczyk, President of Equinor Poland.

“We have achieved something remarkable: we closed financing provided by around 30 institutions, the biggest players in the international financial market, and secured exceptionally favorable terms in what has been a challenging environment in recent months. We are entering the construction phase so that in three years clean energy from state-of-the-art turbines can flow to Polish homes. The financing closure places us among the largest private energy investors in Europe. It is a great source of pride that a project-finance transaction of this scale involves Polenergia — and that a private Polish energy group, whose largest shareholder is Dominika Kulczyk, is powering the energy transition,” said Adam Purwin, CEO of Polenergia S.A.

Closing the financing means that the conditions precedent for activating the loans have been fulfilled. Earlier, on May 19, Equinor and Polenergia made the final investment decisions (FID) for both projects, thereby formally launching the construction phase.

The Baltic 2 and Baltic 3 projects, with a combined capacity of 1,440 MW and developed jointly by Equinor and Polenergia, are a key pillar of Poland’s energy transition and the largest private energy investment in the country. As early as 2028, 100 modern wind turbines — each taller than the Palace of Culture and Science in Warsaw — will supply green energy to more than 2 million Polish households, strengthening the nation’s energy security and independence.

Located in Poland’s exclusive economic zone of the Baltic Sea, the wind farms present an opportunity for the growth of local industry and support for the Polish economy.

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