KfW IPEX-Bank: Financing for the Baltyk 2 and Baltyk 3 offshore wind farms in Poland

• Supporting the export industry and contributing to the energy transition in Europe
• Financing of the third and fourth Polish offshore wind farms

KfW IPEX-Bank is contributing to the financing of the Polish offshore wind farms Baltyk 2 and Baltyk 3 (740 MW each) in a leading role as part of a club of 30 commercial banks, international financial institutions and export credit agencies.

As Mandated Lead Arranger, KfW IPEX-Bank is one of the largest lenders in the two financings of around EUR 3 billion each. It also acts as Euler Hermes Agent for 20 banks in the club. The sponsors of the project are the leading Norwegian multinational energy company Equinor and Poland's largest private energy group Polenergia.

Baltyk 2 is located around 37 kilometers, Baltyk 3 around 22 kilometers off the Polish coast. The two wind farms are scheduled to go into operation in 2028 and together will produce electricity for around 2 million households.

Numerous European companies are involved in the construction of the wind farms with deliveries and services. They will each be equipped with 50 state-of-the-art Siemens SG 14-236 DD turbines.

After “Baltic Power” and “Baltica 2”, these are Poland's third and fourth offshore wind farms, and KfW IPEX-Bank is a prominent financier in all four. It is thus supporting the European export industry in an important growth market for offshore wind. The wind farms are also of central importance to the Polish government's goals of reducing greenhouse gas emissions and gradually decommissioning coal-fired power plants, thus making an important contribution to the energy transition in Europe.

Dr Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank, says: “With these financings we underline our claim to be one of the world's leading arrangers of offshore wind energy financings and our commitment to supporting German and European producers of renewable energy assets. Our prominent role in these two complex transactions paves the way for new offshore financings in Poland and other offshore wind markets.”