Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 23 May 2025, Equinor and Polenergia reached financial close for the Bałtyk 2 and Bałtyk 3 projects, securing two project finance packages of over EUR 3 billion each (around EUR 7.2 billion in total) to fund construction, including the export transmission assets such as offshore substations, 220 kV export cables, and onshore substations and lines to PSE’s Słupsk Wierzbięcino grid node. The financing, provided by a syndicate of around 30 financial institutions including the Nordic Investment Bank and European Investment Bank, was concluded on competitive terms and marked the final key milestone before full-scale construction of the wind farms and their grid connections.