Equinor and Polenergia Secure EUR 6 Billion for Polish Wind Ventures
Deal News | Jun 02, 2025 | CEE Legal Matters
Equinor and Polenergia have successfully secured over EUR 6 billion in project financing for their Baltyk 2 and Baltyk 3 offshore wind farms situated off Poland's Baltic coast. The project financing was orchestrated by a consortium of approximately 30 financial institutions including notable participants such as the Nordic Investment Bank, European Investment Bank, and more. With full commercial operation of the farms expected by 2028, they aim to produce a combined capacity of 1,440 megawatts, sufficient to supply power to nearly two million Polish households. Prominent legal advisors, Allen Overy, Shearman Sterling, CMS, and Clifford Chance, played vital roles in the financing process, representing both the developers and lenders.
Sectors
- Renewable Energy
- Project Finance
- Legal Services
Geography
- Poland – The offshore wind farms are located off Poland's Baltic coast, making Poland the primary geography for the project.
- European Union – Involvement of institutions like the European Investment Bank and European-based law firms highlights a broader EU context.
Industry
- Renewable Energy – The article focuses on offshore wind farm projects, which are a segment of the renewable energy sector.
- Project Finance – The article discusses the securing of project financing for large-scale wind farm developments, highlighting the financial structuring aspect.
- Legal Services – The involvement of multiple law firms in advising on the financing deal indicates a significant role of the legal services industry.
Financials
- EUR 6 billion – Total financing secured for the development of Baltyk 2 and Baltyk 3 offshore wind farms.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Equinor | Joint Owner of Baltyk 2 and Baltyk 3 Offshore Wind Farms | Company | A leading energy company focusing on renewable projects, co-owns the offshore wind farms. |
| Polenergia | Joint Owner of Baltyk 2 and Baltyk 3 Offshore Wind Farms | Company | Poland's first private energy group, co-owns the offshore wind farms. |
| Allen Overy Shearman Sterling | Legal Advisor to Equinor and Polenergia | Company | Provided legal guidance to the project developers for the financing deal. |
| CMS | Legal Advisor to Equinor and Polenergia | Company | Involved in legal advisory services to the project developers. |
| Clifford Chance | Legal Advisor to the Financing Institutions | Company | Advised the financial institutions involved in the project financing. |
| Nordic Investment Bank | Financier | Company | One of the financial institutions providing financing for the wind farm projects. |
| European Investment Bank | Financier | Company | Part of the syndicate of financial institutions funding the project. |