Baltica 2 will consist of 107 turbines with a capacity of 1.5GW. Credit: fokke baarssen / Shutterstock.

Polish utility company Polska Grupa Energetyczna (PGE) has secured a €400m ($415.21m) loan from the European Investment Bank (EIB) to finance the development and construction of the Baltica 2 offshore wind project.

The EIB stated that the project will be the “largest” offshore wind farm ever developed within the European Union.

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Located off the Polish coast in the Baltic Sea, Baltica 2 is a collaboration between PGE and Danish offshore wind company Ørsted.

The loan represents the “biggest own resources contribution” by a financial institution to the project and marks the initial portion of a €1.4bn package approved by the EU’s climate bank.

This funding will assist PGE and Ørsted in constructing two new large-scale offshore wind farms in the Baltic Sea region.

Scheduled for completion by 2027, Baltica 2 will consist of 107 turbines with a capacity of 1.5GW situated approximately 40km north of Poland’s Baltic shoreline.  

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Alongside its sister project, Baltica 3, they will have a combined capacity of 2.5GW, effectively doubling PGE’s renewable energy portfolio.  

EIB vice-president Teresa Czerwińska said “As the climate bank of the European Union and a leading partner of multidimensional energy transition in Poland, the EIB is keenly supporting Baltica 2. 

“Baltica 2 is the biggest offshore wind farm under construction in the European Union. It will increase the share of renewables in Poland’s energy mix and help reduce greenhouse gas emissions. It will strengthen Poland’s energy security and support economic competitiveness by harnessing innovative technologies. I thank all partners involved and keep my fingers crossed for a swift and successful completion of this high-impact project.”

In addition to financing Baltica 2, the EIB has previously supported Ørsted with funding for new wind energy installations off the Polish coast.

In 2023, the EIB also co-financed Poland’s inaugural offshore wind farm project.