Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
In 2023 Baltic Power, the 1.2 GW offshore wind farm jointly developed by ORLEN Group and Northland Power, reached final investment decision and closed project financing. The project company secured financing from 25 international financial institutions under a project finance model, enabling full-scale construction to proceed. With FID and debt funding in place, Baltic Power advanced its onshore infrastructure works and prepared for offshore installation activities starting in January 2025. This financial close underpins delivery of Poland’s first offshore wind farm, planned to begin operating in 2026 and supply around 3% of the country’s electricity demand.