PKN Orlen hires advisors to raise funds for 1.2-GW Baltic Power project

Wind turbines in the Baltic Sea. Author: Håkan Dahlström. License: Creative Commons, Attribution 2.0 Generic

Polish oil refiner PKN Orlen (WSE:PKN) has engaged Pekao Investment Banking and Green Giraffe as financial advisors for the 1.2-GW Baltic Power offshore wind project in Polish waters.

The project, which was awarded a contract for difference (CfD) in June, is being developed by PKN Orlen together with its Canadian partner Northland Power Inc (TSE:NPI).

The consortium of Polish company Pekao Investment Banking and international financial advisory firm Green Giraffe has been tasked with raising funds for the project, PKN Orlen said on Tuesday.

The selected consortium combines knowledge of the Polish market and a track record of raising capital for offshore wind projects, said Jaroslaw Broda, president of the Baltic Power management board. “The combined knowledge and experience of the two companies will help with effective fundraising and will set the course for the financing of similar ventures in the Baltic Sea,” Broda added.

Construction of the Baltic Power offshore wind project is expected to start in 2023, with commercial operations targeted for 2026.

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