The financing for Poland’s largest offshore wind projects, Bałtyk 2 and Bałtyk 3, has been secured from a consortium of approximately 30 leading financial institutions. Among these are the Nordic Investment Bank, the European Investment Bank, Euler Hermes, KUKE, and BGK. The joint venture partners for the project are Equinor and Polenergia, each holding a 50% stake.
With a combined power capacity of 1,440 MW—720 MW per wind farm—the projects will generate enough electricity to power two million average Polish households. The installation will consist of 100 advanced wind turbines with a capacity of 14.4 MW each, situated between 22 to 37 kilometers off the Polish coast. Full commercial production is anticipated by 2028.
A&O Shearman’s team from Warsaw and London played a crucial role in structuring this complex cross-border financing. The team utilized its expertise in project finance, energy regulation, and derivatives to achieve success. The transaction was led by partners Mitchell Ikoghode in London and Tomasz Kawczyński in Warsaw. They were supported by counsel Joshua Htet and Kamil Jankielewicz; senior associates Chinedu Ihenetu-Geoffrey, Enzo Beule, Konrad Zawistowski; and associates Joanne Lim, Abir Mishra, Aleksander Smakosz, Michał Rudzki. A broader group of lawyers also contributed significantly throughout the process.
Mitchell Ikoghode stated: “We are delighted to have advised Polenergia and Equinor on this landmark financing… This transaction showcases our expertise in advising on complex financing structures… This transaction will have a great impact on the EU’s desire to achieve energy independence…”
Tomasz Kawczyński added: “Congratulations to our clients Equinor and Polenergia for reaching the Final Investment Decision… These projects set a new benchmark for offshore wind financing in Poland… Our team’s ability to deliver innovative solutions… demonstrates our commitment to helping clients achieve their strategic ambitions…”
