EIB extends EUR 700 mln for development of two major new offshore wind farms in Poland

"The European Investment Bank has provided EUR 350 million for each wind farm, which makes us the biggest lender by far among some 30 financial institutions involved," said the vice-president of EIB Teresa Czerwinska, quoted in the press release.

"This is the EIB's third major renewables investment in Poland only this year and our third financing for Polish offshore wind farms in the Baltic Sea in general, which highlights our dedication to developing green energy in Poland as a prerequisite for both economic competitiveness and security," she added.

The Baltyk 2 and Baltyk 3 offshore wind farms will have a total of 1.44 GW of capacity and are expected to be fully operational in 2028. The two large-scale farms in the Baltic Sea will produce enough energy to power two million homes.

On Wednesday, the project companies of Baltyk 2 and 3 concluded agreements to finance the construction of the offshore wind farms for a total of EUR 5.8 billion. The financing period covers the construction period and a further 22 years. As Polenergia reported, the agreements were signed with a consortium of around thirty Polish and foreign financial institutions.

Polenergia reported that the total budget of the two projects oscillates around EUR 6.4 billion (with Polenergia's share of 50 percent), excluding financing costs during construction.

The European Investment Bank is the largest lender by far to Baltyk 2 and Baltyk 3 offshore wind farms.

pel/ ao/