The Export and Investment Fund of Denmark (EIFO) will provide a project finance guarantee of €800m for the 1500MW Baltica 2 offshore wind farm.
The project is being developed in the Baltic Sea by Ørsted and Polish energy company PGE.
Located around 40km off the Polish coast near Ustka, Baltica 2 is expected to be fully commissioned in 2027.
The total financing package will be delivered by a combination of EIFO, EIB and EBRD and a consortium of international banks.
The Baltica 2 project will contribute to Poland’s target of 5.9GW installed offshore wind capacity by 2030.
It is the second Baltic wind farm to be financed by EIFO, after the bank committed to provide €1bn for the Baltic Power project, a joint venture between Orlen Group and Northland Power, in December 2023.
With the signing of this second agreement, EIFO claims it is demonstrating its ongoing commitment to helping Poland to transition away from a dependence on coal, towards a future of clean and secure energy supply.
Speaking on the announcement, EIFO’s chief commercial officer Peter Boeskov said: “This financing agreement highlights EIFO’s strategy in action: providing ambitious financing to support the development of innovative and impactful green energy projects, while simultaneously advancing the economic interests of Danish exporters.
“We are delighted to be working together with two leaders in the energy transition on the development of this significant offshore wind farm, helping to maximise the potential of wind power generation.”
The Baltica 2 project will be built, owned and operated in a 50/50 partnership between Ørsted and PGE.
The wind farm will comprise 107 Siemens Gamesa 14 MW-222 wind turbines.