EBRD Finances €200m Offshore Wind Farm in Poland
Poland is taking a bold step towards a greener energy future, with the European Bank for Reconstruction and Development (EBRD) committing €200 million to finance the construction of Baltica 2—the country’s largest offshore wind farm to date. This landmark project is set to transform Poland’s energy landscape, reinforcing its commitment to decarbonisation and energy security.
The loan is part of a broader financial package provided by a consortium of international and local lenders, including the European Investment Bank, Bank Gospodarstwa Krajowego, and Denmark’s Export and Investment Fund. Together, these institutions are accelerating the growth of Poland’s offshore wind sector, ensuring the country meets its ambitious renewable energy targets.
A Game-Changer for Poland’s Energy Sector
Baltica 2 is a cornerstone of Poland’s offshore wind rollout, following the pioneering Baltic Power project, which also received backing from the EBRD in 2023. Once operational, Baltica 2 will be the largest wind farm in the Baltic Sea, boasting a massive 1.5 GW capacity—enough to generate around 5,000 GWh of electricity annually. That’s roughly 3% of Poland’s total electricity demand, significantly reducing reliance on coal-fired power plants.
Beyond providing clean energy, the project will also make a substantial environmental impact, preventing over 3.5 million tonnes of CO2 emissions each year. The farm will operate under Poland’s Contract-for-Difference (CfD) support scheme, ensuring stable returns while promoting long-term sustainability.
The Key to Poland’s Energy Transition
Poland is rapidly expanding its renewable energy portfolio, spurred by the urgency of energy security and the global push for net-zero emissions. The government has pledged to derive 58% of the country’s electricity from renewables by 2030—a significant leap from current levels. Offshore wind is set to play a critical role in this transformation, helping to phase out coal dependency and modernise the national grid.
With geopolitical tensions underscoring the need for energy independence, Poland’s focus on renewables is not just an environmental choice but also a strategic necessity. Offshore wind farms like Baltica 2 offer a reliable, large-scale solution that aligns with both national and European Union energy goals.
Spearheading the Project
Baltica 2 is being developed by Elektrownia Wiatrowa Baltica-2, a special purpose vehicle jointly owned by PGE—Poland’s largest vertically integrated power utility—and Ørsted, a global leader in offshore wind power. This collaboration brings together deep industry expertise and the financial backing needed to execute such an ambitious project.
Speaking on the investment, Grzegorz Zieliński, the EBRD’s Head of Energy Europe, highlighted the significance of the project: “We are delighted to finance Baltica 2, the second offshore project for the Bank in Poland and the largest such wind farm in the first phase of the Polish offshore rollout. The successful closing of this transaction is testament to the improved cost-competitiveness of renewable energy projects compared with traditional fossil fuel generation in Poland. Through this investment, the EBRD is reinforcing its support to the entire offshore wind programme.”
Andreea Moraru, the EBRD’s Head of Poland and the Baltic States, echoed this sentiment, stating: “Scaling up renewables and accelerating decarbonisation of the Polish economy are key strategic priorities for the Bank’s investments in Poland. We are delighted to support this milestone project, which will contribute to Poland and the European Union’s drive to net zero, and provide a solution to energy security concerns.”
Continued Commitment to Poland
The EBRD has long been a key investor in Poland’s energy sector, committing nearly €15.4 billion to various projects across the country. Last year alone, the bank invested a record €1.43 billion in Poland, reflecting its dedication to driving sustainable economic development.
Baltica 2 is yet another example of how the EBRD is supporting Poland’s shift towards cleaner energy solutions. By financing large-scale offshore wind projects, the bank is not only fostering economic growth but also ensuring that Poland remains on track to meet its long-term climate and energy goals.
A Brighter, Greener Future
The Baltica 2 project marks a major milestone in Poland’s renewable energy transition. As the largest offshore wind farm in the Baltic Sea, it will deliver clean, reliable power while significantly reducing carbon emissions. With strong financial backing and the expertise of industry leaders, this initiative is set to reshape Poland’s energy landscape for years to come.
As the country accelerates its shift towards renewables, projects like Baltica 2 prove that offshore wind is not just a viable alternative to fossil fuels—it’s the future of energy in Poland and beyond.
