BATON ROUGE, LOUISIANA (Steve Stewart, Energy Analytics Institute, 23.May.2025, Words: 426) — Joint venture (JV) partners Equinor and Polenergia reached close for the Bałtyk 2 and Bałtyk 3 projects where financial packages have been secured. These packages amount to over €3bn for Bałtyk 2 and over €3bn for Bałtyk 3, including ancillary facilities. Full commercial power production is expected in 2028.
Final investment decisions for Bałtyk 2 and Bałtyk 3 were taken by the JV partners on 19 May 2025.
The individual project finance packages will fund capital investments and other expenses of each of the projects during the construction process totaling €7.2bn, the Norwegian energy giant announced on 23 May 2025 in an official statement.
The offshore wind projects were awarded contracts for difference (CfD) in 2021, securing power prices at €71 per MWh (2021 price) for 25 years, with inflation indexation.
The wind farms are project financed with gearing of approximately 80%. The projects support Equinor’s expected double-digit nominal equity rate of return for renewables and low carbon investments.
Following strong interest from lenders, Bałtyk 2 and Bałtyk 3 have secured competitive terms and conditions. The final group, comprising around 30 financial institutions, includes the most experienced in the sector along with many of Equinor’s core banks, the Nordic Investment Bank and the European Investment Bank.
Bałtyk 2 and Bałtyk 3
Bałtyk 2 and Bałtyk 3, developed by Equinor (50% WI) and Polenergia (50% WI), the largest private energy group in Poland, are 2 offshore wind projects with a total capacity of 1,440 MW (720 MW each), enough to power 2 million Polish homes.
The 2 wind farms, developed in parallel, largely within the same time schedule, will consist of 100 fixed bottom turbines, placed 22km-37km off the Polish coast.
All key suppliers have been selected and contracted and are among the most experienced in the industry. The operations and maintenance base will be situated in Łeba, located in the region of Gdańsk in northern Poland. The base will serve as a center for marine operations and support during the construction phase. Equinor is the owner of the base and will be the operator of the projects.
Equinor is responsible for the construction phase and will be the operator of both offshore wind farms. Onshore construction work is ongoing, fabrication of key components has started, while marine operations will start next year.
Danske Commodities, an Equinor subsidiary, will provide route-to-market services including balancing and power offtake for the first 3 years of operations.
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By Steve Stewart reporting from Baton Rouge. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
