Providing clean energy to more than 1.5 million homes in Poland
Poland is facing an unprecedented transformation that will, over the next twenty years, lead to the creation of a new electricity generation system and the transformation of the transport and heating sector. By 2040, a significant portion of coal-fired power plant capacity will no longer be part of the national energy system. Renewable energy is expected to play a major role in modernizing the energy system. Since Poland has a clear roadmap for transitioning to a more sustainable economy, the development of offshore wind projects is the cornerstone of this transition. Offshore wind farms will be key to transforming Poland’s electricity system and enhancing energy security in the region.
Orlen Group and Canada’s Northland Power are building the first offshore wind farm through Baltic Power.
The Baltic Power project is Poland’s first offshore wind project Its construction is considered the most advanced among Poland’s 8 offshore wind development projects, covering 5.9 GW. The park will be located about 23 kilometers from the coast near Lipa and Chukziu. It will be equipped with 76 modern wind turbines, each with a capacity of 15 megawatts.
The project was successful in securing contracts for all major components, including turbines, offshore and onshore substations, cables and foundations, as well as their fabrication, transportation and installation. It also holds building permits for the onshore portion of the project and a permit to build an offshore power interconnection to facilitate the transmission of electricity from the offshore wind farm to the mainland. Once completed in 2026, the Baltic wind farm will begin producing electricity to power more than 1.5 million homes.
The Orlen Group and Northland Power have entered into credit facility agreements to finance the Baltic Power project. Agreements were signed with a consortium of 25 Polish and international financial institutions, representing one of the main stages of the project preparation process.
Société Générale acted as the mandated lead arranger (MLA), lender and hedging provider in this transaction. This deal is part of Société Générale’s client support strategy for the energy transitionwith a range of customized solutions and a commitment to contribute to sustainable finance worth €300 billion by 2025.