The Baltic Power offshore wind project is seeking up to €250m from the European Bank of Reconstruction and Development (EBRD), according to a filing from the bank.
The 1140MW project, being developed by PKN Orlen and Northland Power, has requested a non-recourse long-term senior loan to finance the construction and operation of the offshore wind farm in Poland.
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The bank’s financing will be provided alongside multiple commercial banks, export agencies and development banks.
Once constructed, the project is expected to generate 4TWh annually of electricity, contributing approx. 2.8m tonnes of CO2 savings annually.
Currently in the exploratory phase, pending concept review, the loan has an approval date of 19 July, 2023.