Equinor and Polenergia secure EUR 6 billion for wind farms off Poland

Poland

WARSAW, May 23, 2025 – Equinor and Polenergia have secured project financing packages exceeding EUR 6 billion for the Bałtyk 2 and Bałtyk 3 wind projects offshore Poland, the companies said on Thursday.

The two 720-MW wind farms, each financed with more than EUR 3 billion, were awarded Contracts for Difference in 2021 with a fixed power price of around EUR 71 per MWh for 25 years, adjusted for inflation. Final investment decisions were made on May 19.

Equinor will lead construction and operations, with commercial output expected by 2028. The facilities will supply electricity to 2 million homes and are backed by an 80% debt-financing structure.

“Building a profitable renewables business through safe execution and operations is key to delivering on Equinor’s strategy. With financial close reached for Bałtyk 2 and Bałtyk 3, the last important milestone is passed ahead of full-scale construction. We appreciate the strong interest and support from lenders. This underpins the attractiveness of the projects and the confidence in Polenergia and Equinor as developers,” Equinor senior vice-president for renewables in Europe Trine Borum Bojsen said.

“Bałtyk 2 and Bałtyk 3 represent the beginning of a new era in Poland’s offshore wind energy development. These wind farms are set to contribute to Poland’s industrial future by producing renewable electricity for Polish households, creating employment opportunities, and enhancing both energy security and the energy transition. We will collaborate with industry partners to ensure their delivery is safe and efficient,” Equinor country manager in Poland Michał Jerzy Kołodziejczyk said.

Equinor is a leading international energy company headquartered in Norway, with a strong presence in renewables and natural gas. In Poland, Equinor, in partnership with Polenergia, is developing Bałtyk 1 (up to 1560 MW) and operates solar and onshore wind assets through its subsidiary Wento. It also supports the country’s energy transition with gas supplies via the Baltic Pipe.