EBRD Approves €300 Million Loan For Poland’s Largest Offshore Wind Farm, Baltica 2

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The European Bank for Reconstruction and Development (EBRD) has approved a non-recourse long-term senior loan of up to €300 million to finance the construction and operation of the Baltica 2 offshore wind farm in Poland. This significant investment will help build a 1.5GW wind farm located in the Baltic Sea, as part of Poland’s ambitious renewable energy expansion plans.

The Baltica 2 project, developed by PGE Baltica 6 Sp. z o.o., a joint venture between PGE Polska Grupa Energetyczna S.A. and Orsted A/S, is set to be one of the largest offshore wind farms in Poland. Once completed, it is expected to generate approximately 5 TWh of electricity annually, enough to power over two million Polish households. The project is a key component of Poland’s offshore rollout, which aims to establish 5.9GW of offshore wind capacity across eight projects by 2030.

Classified as a Category A project, the Baltica 2 wind farm requires a comprehensive Environmental and Social Impact Assessment (ESIA) to ensure compliance with both Polish and EU environmental standards. The project will include the construction of onshore and offshore infrastructure, such as export cables and substations, and the development of an Operations and Maintenance Base in the Port of Ustka. Measures have been taken to minimize environmental impact, including the creation of a 5 km migration corridor for seabirds and the implementation of noise reduction systems to protect marine life in the Natura 2000 site Ostoja Siowiiska.

The project has also considered the social impacts related to land acquisition, local livelihoods, and the influx of construction workers. A Livelihood Restoration Framework has been developed to address these issues, ensuring compensation and support for affected communities, including local fishermen. The project sponsors have committed to continued public consultation and the disclosure of environmental and social action plans to maintain transparency and community engagement.

Baltica 2 represents a significant step towards Poland’s goal of achieving at least 42.5% of its final energy consumption from renewable sources by 2030. By increasing Poland’s renewable energy capacity, this project will play a crucial role in reducing carbon emissions and advancing the country’s energy transition.

With the EBRD’s support, along with funding from various commercial banks and export agencies, the Baltica 2 offshore wind farm is poised to become a cornerstone of Poland’s renewable energy infrastructure, driving the nation towards a more sustainable energy future.