Northland Power has announced that its 1100MW Baltic Power offshore wind project in Poland has met all conditions and reached financial close non-recourse green financing.
The total amount of the 20-year CAD-equivalent sum is $5.2bn, around 80% of Baltic Power’s $6.5bn estimated total capital cost.
A consortium of 25 financial institutions is supporting the project, including the European Investment Bank, European Bank for Reconstruction and Development, Euler Hermes, Export and Investment Fund of Denmark and Export Development Canada.
Baltic Power will play an important role in helping the Polish government achieve its renewable energy target where installed capacity of offshore wind energy is expected to reach up to 11GW by 2040.
Once operational, the project is expected to provide clean energy to more than 1.5 million Polish households annually.
The site is being developed by Northland Power in partnership with Orlen.