Fid Financial Close

On 29 January 2025, the shareholders of Elektrownia Wiatrowa Baltica – 2 sp. z o.o. adopted the Final Investment Decision (FID) for the Baltica 2 offshore wind farm, formally commencing the construction phase of the 1,498 MW project in the Polish Baltic Sea. The project is being developed as a 50/50 joint venture between PGE Polska Grupa Energetyczna and Ørsted. At FID, the total project budget, covering capital expenditures in development and construction as well as operating costs during construction, was estimated at approximately PLN 30 billion, with the partners responsible for raising financing in equal proportions. PGE’s share is to be financed through loans under Poland’s National Recovery and Resilience Plan via Bank Gospodarstwa Krajowego (BGK) and project finance from a consortium of Polish and international financial institutions, including BGK, the European Investment Bank, and the European Bank for Reconstruction and Development.