First loan from the NRP for offshore wind farms: PLN 750 million for Polenergia

Bank Gospodarstwa Krajowego and Polenergia S.A. have signed a loan agreement from the National Recovery Plan for the construction of offshore wind farms. The financing will amount to PLN 750 million and will be used to build two wind farms with a total capacity of 1440 MW.

On December 18, 2024, Bank Gospodarstwa Krajowego and Polenergia S.A. signed a loan agreement from the National Recovery Plan funds. The financing in the amount of PLN 750 million will serve to secure contributions to the projects for the construction of the Bałtyk 2 and Bałtyk 3 offshore wind farms. Earlier, Polenergia successfully carried out an issue of green bonds worth PLN 750 million for this purpose, of which BGK acquired bonds with a nominal value of PLN 142 million within its own funds.

We are on the threshold of implementing projects of strategic importance not only for the Polenergia Group, but also for the entire country. Offshore wind farms are an opportunity to strengthen Poland's energy security, and at the same time a significant step in the process of decarbonizing the energy sector and a better, greener future for us and future generations. In recent months, we have obtained financing for these projects for a total amount of PLN 1,5 billion. The issue of green bonds and the use of funds from the NRP, thanks to the agreement with BGK, bring us significantly closer to their implementation.

Dominika Kulczyk

Chairwoman of the Supervisory Board of Polenergia S.A.

The Bałtyk offshore wind farms, developed by the largest Polish private energy group Polenergia – in cooperation with the Norwegian Equinor, are one of the largest infrastructure projects in the history of Poland. In total, they will have a generating capacity of up to 3000 MW, which will allow 4 million households to be supplied with green energy.

In the first phase, the Bałtyk 2 and Bałtyk 3 farms are being developed, with a total capacity of up to 1440 MW. The first electricity will flow from them to the grid in 2027, and the commercial stage of their use is to begin in 2028. Both projects will be located in the Polish exclusive economic zone of the Baltic Sea in the area designated in the maritime development plan in the area of the Słupsk Bank, the Central Bank.

Bank Gospodarstwa Krajowego is responsible for the distribution of over PLN 130 billion, i.e. half of all funds from the Polish NRP. The vast majority of this money is intended to support Poland's energy transformation, including financing offshore wind energy. The projects for which we have launched financing will significantly contribute to the decarbonization of the Polish energy sector, while at the same time increasing the diversification of energy sources for the domestic economy. That is why I am glad that the money from the NRP is finally starting to work for the Polish offshore industry.

Prof. Mirosław Czekaj

President of the Management Board of Bank Gospodarstwa Krajowego

All three Baltic projects, implemented jointly by Polenergia and Equinor, will significantly support the national energy system with new capacities and reduce the emission of domestic energy. They will also provide an impulse for the development of Polish industry by building the involvement of local suppliers, as well as creating thousands of attractive jobs in a promising industry.

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First loan from the NRP for offshore wind farms: PLN 750 million for Polenergia

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