The Baltic Power offshore wind project is embarking on an ambitious journey, aiming to secure a substantial sum of up to €250m from the esteemed European Bank of Reconstruction and Development (EBRD). This impressive initiative, as disclosed in a recent filing by the bank, underscores the project’s vision and determination.
Driven by the collaborative efforts of PKN Orlen and Northland Power, the 1140MW project has set its sights on obtaining a non-recourse long-term senior loan. This financial injection is earmarked to support the construction and operation of a groundbreaking offshore wind farm, situated off the coast of Poland.
As the project advances, the European Bank of Reconstruction and Development’s financing will harmoniously converge with contributions from a diverse consortium. These will encompass commercial banks, export agencies, and development banks, collectively propelling the Baltic Power offshore wind project toward fruition.
Anticipated to unleash its full potential upon completion, this ambitious endeavor is projected to yield a staggering 4TWh of electricity annually. Notably, this will result in an approximate reduction of 2.8 million tonnes of CO2 emissions on a yearly basis, thereby contributing significantly to the noble cause of sustainability.
Currently in the midst of its exploratory phase, the project eagerly awaits the verdict of the impending concept review. With the loan’s approval date set for the 19th of July, 2023, the Baltic Power offshore wind project stands poised to embrace the next chapter of its awe-inspiring narrative.
