PROJECT NEPTUNE - OFFSHORE WIND FARMS POLAND

Promoter – Financial Intermediary

SPECIAL PURPOSE ENTITY(IES)/FUND

Location

• Poland

Description

The project includes the design, implementation and operation of 2 (two) very large-scale, fixed-bottom offshore windfarms (Baltica 2, Baltica 3) with a total capacity of up to 2.5 GW. Baltica 2 (1.5 GW) and Baltica 3 (1 GW) are both located in the Baltic Sea, inside the the Polish Economic Exclusive Zone.

Objectives

The offshore wind farms will primarily reduce carbon and air pollution emissions, which are externalities the market fails to address. Moreover, the project should foster the integration of new, variable renewable generation technologies in the market. The proposed EIB loan 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)

EUR 1400 million

Total cost (Approximate amount)

EUR 9845 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 are a Special Purpose Vehicles (SPV), are neither - in the sense of the EU procurement policies - a contracting authority nor a public undertaking. 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. However and as indicated by the promoter, the SPVs, when tendering and awarding contracts, take the rules of the EU procurement directives as guiding principles. The impact of this approach to the project needs to be assessed during appraisal.

Status

Approved - 12/07/2023