Northland Power has announced the successful attainment of non-recourse green financing for its Baltic Power offshore wind project. The project, with a capacity of 1100MW, has not only met all necessary conditions but has also reached financial close, securing a substantial 20-year CAD-equivalent sum of $5.2 billion. This financing accounts for approximately 80% of the project's estimated total capital cost of $6.5 billion.
A diverse consortium of 25 financial institutions has rallied behind this venture, underlining the project's significance in the transition towards sustainable energy sources. Key members of this consortium include prestigious entities such as the European Investment Bank, European Bank for Reconstruction and Development, Euler Hermes, Export and Investment Fund of Denmark, and Export Development Canada.
The Baltic Power project assumes a pivotal role in Poland's pursuit of renewable energy targets. The Polish government aspires to achieve an installed capacity of offshore wind energy of up to 11GW by the year 2040. Baltic Power, once operational, will significantly contribute to this goal, expected to provide clean energy to more than 1.5 million Polish households on an annual basis.
Developed as a collaborative effort between Northland Power and Orlen, the Baltic Power offshore wind project embodies a remarkable stride towards a greener and more sustainable energy landscape in Poland.
