Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 6 November 2024, the European Investment Bank approved concessional debt financing of approximately EUR 520 million for the BALTYK II and BALTYK III OFFSHORE projects, supporting construction of two 720 MW offshore wind farms and their associated grid connection infrastructure in the Polish Baltic Sea. The EIB financing covers the Bałtyk 3 Export transmission system including the offshore substation, 220 kV HVAC submarine export cables, onshore cables, and the Pęplin onshore substation connecting to PSE's Słupsk Wierzbięcino grid node. The EIB project summary notes that the projects underwent an Environmental Impact Assessment under Directive 2011/92/EU and that the EIB financing forms part of a broader syndicated project finance package of approximately EUR 7.2 billion arranged with around 30 financial institutions. This was one of the first major financing commitments for the Bałtyk II/III programme ahead of financial close in May 2025.