Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 23 May 2025, Equinor and Polenergia reported that they had reached financial close for the Bałtyk 2 and Bałtyk 3 offshore wind projects. The partners secured two project finance packages, each of over EUR 3 billion including ancillary facilities, one for Bałtyk 2 and one for Bałtyk 3, with gearing of around 80%. In total, construction-period financing across both projects amounts to approximately EUR 7.2 billion. The lender group comprises about 30 financial institutions, including many of Equinor’s core relationship banks, the Nordic Investment Bank and the European Investment Bank. With financial close achieved, Bałtyk 3 has its full debt package in place, enabling large‑scale offshore and onshore construction underpinned by its long‑term CfD revenues.