BALTIC POWER OFFSHORE WINDFARM

Promoter – Financial Intermediary

BALTIC POWER SP ZOO

Location

• Poland

Description

Development, construction and operation of a very large-scale (up to 1.2 GW) offshore windfarm in the Polish Economic Exclusive Zone in the Baltic Sea, located 23 km to the north of the Polish coastline. The Promoter is a joint venture of PKN ORLEN (Poland) and Northland Power (Canada).

Objectives

The project should foster the integration of mature variable renewable generation technologies in the market. The Bank's financing would thus fill a market gap in the development of new renewable capacity: that would include a financing gap for projects that try to develop new capacity with more market-exposed structures and instruments.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

PLN 3112 million (EUR 655 million)

Total cost (Approximate amount)

PLN 19917 million (EUR 4189 million)

Environmental aspects

Wind farms adhere to the national legislation having transposed Annex II of Directive 2014/52/EU amending Directive 2011/92/EU, thereby leaving it to the competent authority to determine if an environmental impact assessment (EIA) is mandated. Given the project size, the competent authority required an EIA to be conducted. Compliance of the authorisation process with relevant EU Directives will be verified during appraisal.

Procurement

It is provisionally understood that the Promoter, which is a Special Purpose Vehicle (SPV), is neither a contracting authority nor a public undertaking in the sense of the EU procurement policies. It also does not see to operate on the basis of special or exclusive rights granted by a competent authority in relation to this project. Consequently, no public procurement would be required. This needs to be confirmed during appraisal.

Status

Signed - 14/09/2023