EBRD mulls EUR-250m loan for 1.1-GW Polish offshore wind project

The European Bank of Reconstruction and Development (EBRD) is considering extending EUR 250 million (USD 270.5m) in debt to back the construction of the 1.14-GW Baltic Power offshore wind farm in Polish waters.

The project vehicle, a joint venture of Poland's PKN Orlen (WSE:PKN) and Canada’s Northland Power Inc (TSE:NPI) has requested a non-recourse long-term senior loan, the EBRD said on Friday. According to the filing, Baltic Power Sp zoo plans to allocate the financing to build and operate the offshore wind park.

The funding application is currently in the exploratory phase, pending concept review, with an approval date set for July 19. If greenlit, the EBRD loan will be provided alongside multiple commercial banks, export agencies and development banks.

To be located 23 km (14.3 miles) off the Baltic coast, near Leba and Choczewo, the Baltic Power offshore wind project will consist of 76 wind turbines of 15 MW each, to be supplied, installed and serviced for 15 years by Danish wind turbine maker Vestas. With construction works due to be launched next year, the complex will kick off operations in 2026. Its annual output is estimated at around 4 TWh of electricity.

(EUR 1.0 = USD 1.082)

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