The Project is jointly owned by ORLEN, one of Poland’s leading energy companies (51 percent), and Northland Power, a global renewable energy developer (49 percent).
The Baltic Power offshore wind farm, located in the Baltic Sea approximately 23 kilometres from the North Polish coast near Łeba, is a visionary project with a planned capacity of 1.14 GW. Once operational, it is expected to provide clean energy to more than 1.5 million Polish households annually. Construction of the wind farm has already commenced, with a projected completion date in 2026, operating for a minimum of 30 years. The project benefits from Contract for Difference (CfD) support, awarded in the first round of CfDs under the Polish government’s Offshore Wind Act.
A syndicate of 25 financial institutions have approved 3.78 billion euros in debt provision to finance the project's construction, marking the first offshore debt financing transactions in Poland. The successful financing of this project is poised to make a substantial contribution to Poland's ambitious offshore wind target, with a projected installed capacity of up to 11 GW by 2040.
K2M’s role as LTA involved providing pre-construction technical due diligence on all technical aspects of the project. The project presented a unique opportunity for K2M to expand its LTA services to a new market, leveraging its independent expertise from similar projects in the United Kingdom and Germany.
“Polish offshore wind is a promising new early market, and we anticipate increased investor interest following initial CfD awards and initial project build-out to 2026” said Rahul Kohli, Senior Consultant, Due Diligence at K2 Management. “Supporting the financing of the Baltic Power project has been a key landmark for K2 Management as we support the development of offshore wind in new markets and this financing milestone represents a positive development for the wider offshore wind sector, particularly in the face of ongoing industry challenges. Together with the project partners, we are proud to facilitate Poland’s transition towards a sustainable energy future.”
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