Poland is launching a nearly €5 billion ($5.46 billion) initiative, funded by the European Union’s recovery funds, to provide loans for the development of offshore wind farms in the Baltic Sea, according to the state assets ministry and bank BGK.
Developers, including the Polish state-controlled utility PGE, Orsted, and refiner Orlen, in collaboration with Northland Power, plan to establish 5.9 gigawatts (GW) of offshore wind capacity by 2030.
“The start of the funding programme is a consequence of the agreement between the ministry and BGK, one of the milestones of the national recovery plan,” the ministry said in a statement.
The loans will support projects with a minimum capacity of 300 megawatts and will not require approval from the European Commission.
