Equinor and Polenergia, joint venture partners with equal shares, have reached financial close for the Bałtyk 2 and Bałtyk 3 offshore wind projects in the Baltic Sea.
Each project has secured project financing packages exceeding EUR 3 billion, including ancillary facilities, bringing the total investment to approximately EUR 7.2 billion.
Awarded Contracts for Difference in 2021, both projects secured a fixed power price of around EUR 71 per megawatt-hour (in 2021 terms), adjusted for inflation, for a period of 25 years. The projects are financed with approximately 80% debt gearing.
Equinor will lead the construction phase and serve as operator for both wind farms. Onshore construction is already under way, fabrication of key components has begun, and marine operations are scheduled to start in 2026. The combined installed capacity of the two wind farms is 1440 MW, with full commercial operations expected in 2028.
Equinor subsidiary Danske Commodities will handle route-to-market services, including power offtake and balancing, for the first three years of operations.
