Equinor and Polenergia Finalize €7.2 Billion Investment for Transformative Offshore Wind Initiatives in Poland

Equinor and Polenergia have officially wrapped up financing for their offshore wind initiatives,Bałtyk 2 and Bałtyk 3,amassing over €6 billion in funding. The two companies,each holding a 50% stake,have secured more than €3 billion in financing for each project. When you factor in additional facilities, the total investment climbs to around €7.2 billion.

These projects were awarded Contracts for Difference (CfD) back in 2021, ensuring stable power prices of about €71 per MWh over a quarter-century with adjustments for inflation. With an remarkable combined capacity of 1440 MW, these wind farms are set to provide energy to around two million homes across Poland. They will consist of 100 fixed-bottom turbines positioned between 22 and 37 kilometers off the coast.

Michał Jerzy Kołodziejczyk, Equinor’s Country Manager in Poland, expressed enthusiasm about this venture: “Bałtyk 2 and Bałtyk 3 mark a pivotal moment for offshore wind energy development in Poland.” He emphasized that these farms will not only generate renewable electricity but also create jobs while bolstering energy security during the transition towards lasting sources.

Equinor is taking charge of both construction and operational phases. While onshore work is already progressing along with component manufacturing, marine operations are slated to kick off next year. Full commercial production is anticipated by 2028.

The financing has garnered significant interest from lenders; around thirty financial institutions are involved—including major players like Equinor’s primary banks as well as the Nordic Investment Bank and the European Investment Bank.

Danske Commodities—part of Equinor—will manage market access services such as balancing and power sales during the initial three years post-launch. An operations base will be set up in Łeba within Gdańsk’s northern region to support marine activities and construction efforts.

The final investment decisions were made on May 19 by both partners—a crucial step before large-scale construction can commence.

Stay updated with daily insights into maritime developments by subscribing to our newsletter—join our community of over 109,000 members!