EIB provides €400 million for construction of the largest offshore wind farm in the EU

The European Investment Bank (EIB) will allocate €400 million for the design and construction of the Baltica 2 offshore wind farm in Polish waters, which will be the largest wind farm in the European Union with a capacity of 1.5 GW. This is stated in the bank’s message.

The wind farm will be located off the Polish coast in the Baltic Sea. With the support of large European funding, the project is being developed by the largest energy company in Poland, Polska Grupa Energetyczna (PGE), and Danish Ørsted.

The 50/50 joint venture between the two companies aims to commission 107 turbines in 2027. Together with the related Baltica 3 project, which is scheduled to come online in 2030, the companies will have a total capacity of 2.5 GW, which is twice the current renewable portfolio of PGE.

Backed by significant EU support, including funds from InvestEU, REPowerEU and the Recovery and Resilience Facility, the strategic investment will contribute to Poland’s energy transition and energy security, as well as strengthen cooperation and energy security in the Baltic Sea region.

The €400 million EIB loan to PGE for Baltica 2 is in addition to EIB financing previously provided to Ørsted to support the deployment of new wind power plants, including off the coast of Poland. In 2023, the bank also co-financed the project of Poland’s first offshore wind farm, Baltic Power with a capacity of 1.14 GW, which will be commissioned in 2026.

As GMK Center reported earlier, in 2024, the EIB increased its financing for the green transition, climate action and environmental sustainability to €50.7 billion. This amount represents 57% of the bank’s total financing last year.