Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
The European Investment Bank (EIB) approved and signed a large-scale loan to support the Baltic Power offshore wind farm. The EIB project sheet for “BALTIC POWER OFFSHORE WINDFARM” records a total signed amount of approximately €609.5 million, with signatures on 14 and 19 September 2023. The financing is provided to Baltic Power sp. z o.o., the joint venture of PKN Orlen and Northland Power, to support the development, construction and operation of the up to 1.2 GW offshore wind farm in Poland’s Exclusive Economic Zone of the Baltic Sea. This subsidised long-term debt, signed under the InvestEU framework, forms part of the project’s wider project-finance debt package alongside commercial lenders and helps cover a significant share of the project’s multi‑billion‑euro capital requirement.