Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
In August 2023, PGE obtained approval from the European Investment Bank’s (EIB) Board of Directors to support the financing of the Baltica Offshore Wind Farm, comprising the Baltica 2 and Baltica 3 phases. The approval covers a financing package totalling EUR 1.4 billion. For each stage, one tranche of EUR 350 million is to be mobilised under a project finance structure, complemented by an additional tranche per stage backed by guarantees from financial institutions, banks or export credit agencies. This EIB-backed facility represents a major milestone in arranging long-term debt for Baltica 3, significantly enhancing the project’s financial viability ahead of final investment decision.