NIB Funds Poland’s Bałtyk Offshore Wind Farms to Accelerate Green Energy and Cut CO2 Emissions

NIB Funds Poland’s Bałtyk Offshore Wind Farms to Accelerate Green Energy and Cut CO2 Emissions

(IN BRIEF) The Nordic Investment Bank (NIB) will provide two 26-year loans worth EUR 126 million to support the construction of Poland’s Bałtyk 2 and Bałtyk 3 offshore wind farms. Jointly developed by Norway’s Equinor Wind Power and Poland’s Polenergia, the projects will each have 720 MW of capacity and collectively power around 2 million households—equating to a quarter of Poland’s 2030 offshore wind target. The wind farms will reduce 1.6 million tonnes of CO2 emissions annually, with operations beginning in 2028. The financing is backed by the EU’s InvestEU programme, reinforcing the region’s energy resilience and climate goals.

(PRESS RELEASE) HELSINKI, 9-Jun-2025 — /EuropaWire/ — Nordic Investment Bank (NIB) has committed long-term financing to accelerate the development of Poland’s offshore wind energy sector by granting two 26-year loans totalling EUR 126 million for the Bałtyk 2 and Bałtyk 3 wind farms. These major offshore projects, developed jointly by Equinor Wind Power of Norway and Poland’s Polenergia, are part of a broader strategy to scale up renewable energy and reduce carbon emissions in the region. The financing is supported under the InvestEU programme, which seeks to catalyse over EUR 372 billion in investments aligned with key EU policy objectives.

The Bałtyk 2 and Bałtyk 3 offshore wind farms will each offer 720 MW of installed capacity, together comprising 100 turbines located between 22 and 37 kilometres off Poland’s coast. Combined, they are expected to produce over 4,900 GWh of electricity annually—enough to power around 2 million average Polish households and equivalent to a quarter of Poland’s 2030 offshore wind capacity target.

“These offshore wind developments are not only a leap forward in Poland’s green transition but also a strong example of cross-border energy cooperation that benefits the entire Nordic-Baltic region,” said André Küüsvek, President and CEO of NIB. “Our long-term financing aims to increase resilience in regional electricity markets while supporting a low-carbon future.”

The projects are forecast to reduce CO₂ emissions by approximately 1.6 million tonnes per year, marking a significant contribution to decarbonising the Polish electricity grid. Commercial operations are slated to begin in 2028.

Bałtyk 2 and Bałtyk 3 form part of a larger renewable vision that includes Bałtyk 1, a future phase currently under development by Equinor and Polenergia. Together, the three projects will deliver up to 3 GW of offshore wind capacity, positioning the Bałtyk development as the largest offshore energy initiative in the Baltic Sea region.

Background information

Equinor Wind Power is a subsidiary of the Norwegian energy group Equinor ASA. Polenergia is Poland’s largest private energy group. MFW Baltyk II sp. z o.o and MFW Baltyk III were established for the construction and operation of the wind farms.

Nordic Investment Bank (NIB) is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. NIB finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank was founded in 1975, began operations in 1976, and the Baltic countries joined in 2005. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s. NIB is InvestEU implementing partner since December 2022.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of EUR 26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least EUR 372 billion in additional investment.

Media Contacts:

Thomas Haga, Senior Banker, Project & Structured Finance, +358 10 618 0353, thomas.haga@nib.int

Vytautas Brazaitis, Senior Communications Officer, +358 10 618 0235, vytautas.brazaitis@nib.int

SOURCE: Nordic Investment Bank