PGE Secures EUR 3 Billion for Baltica 2 Offshore Wind Project
Deal News | Mar 05, 2025 | CEE Legal Matters
Norton Rose Fulbright has advised Polish energy giant PGE Polska Grupa Energetyczna in securing a EUR 3 billion financing package for the Baltica 2 offshore wind project. The project is a pivotal part of Poland's offshore wind program and reflects Poland's commitment to renewable energy. Spanning off the Polish coast, Baltica 2 is a joint venture with Orsted and aims for a capacity of 1.5 gigawatts through 107 turbines. The financing is a collaborative effort involving over two dozen institutions, including prominent names like the Bank Gospodarstwa Krajowego, EIB, EBRD, and ING Bank. Clifford Chance served the lenders involved in this transaction. The agreement adheres to the Green Loan Principles, signaling sustainable investment practices. Legal teams from Norton Rose Fulbright and Clifford Chance undertook extensive work across Poland and other European locations, reflecting international collaboration in this venture.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Poland – The Baltica 2 project is situated off the coast of Poland, with significant implications for the country's energy policy and economic development.
- European Union – The involvement of various European financial institutions and legal teams signifies the EU's commitment to renewable energy and its integration across member states.
Industry
- Renewable Energy – The article primarily revolves around the financing and development of a major offshore wind project by PGE, signifying a significant advancement in the renewable energy sector.
- Financial Services – The financing deal involves coordination with numerous financial institutions like EIB, EBRD, and ING Bank, highlighting the sector's role in supporting green projects.
- Legal Services – Legal advisory firms Norton Rose Fulbright and Clifford Chance played critical roles in facilitating the financial transactions and contractual obligations of the project.
Financials
- EUR 3 Billion – The overall financing amount secured for the development of the Baltica 2 offshore wind project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGE Polska Grupa Energetyczna | Target Company | Company | A leading Polish energy company focusing on the development of the Baltica 2 offshore wind project. |
| Orsted | Joint Venture Partner | Company | A global leader in offshore wind energy, partnering with PGE on the Baltica 2 project. |
| Norton Rose Fulbright | Legal Advisor to PGE | Company | An international law firm providing legal counsel to PGE for the financing of the Baltica 2 project. |
| Clifford Chance | Legal Advisor to Lenders | Company | A major law firm advising the lenders involved in financing the Baltica 2 project. |
| Bank Gospodarstwa Krajowego | Lender | Company | One of the domestic financial institutions participating in the project financing. |
| European Investment Bank (EIB) | Lender | Company | A European financial institution supporting the project through funding. |
| European Bank for Reconstruction and Development (EBRD) | Lender | Company | A multilateral development bank involved in the financing effort. |
| ING Bank | Lender | Company | An international banking institution contributing to the project's financial backing. |