The Baltyk II and Baltyk III offshore wind projects in Poland, jointly developed by Equinor and Polenergia, have reached financial close, marking the country’s largest-ever project financing in the renewable energy sector. With a combined capacity of 1.44 GW, the two greenfield projects represent a significant step in Poland’s efforts to transition to clean energy.
Both projects were awarded 25-year Contracts for Difference (CfDs), a mechanism that guarantees stable revenues by setting a fixed price for electricity generated. The financing agreements were finalised in May 2025 and are expected to support the generation of electricity for approximately two million Polish households.
The lender group includes a broad consortium of international commercial banks, institutional investors, and export credit agencies, highlighting strong market interest in renewable energy assets across Central and Eastern Europe.
Crédit Agricole CIB acted as Mandated Lead Arranger, Agent, and Hedging Bank for the transactions, which also reflect its ongoing engagement in Polish offshore wind development. This marks the bank’s third and fourth involvement in the region’s offshore wind sector under Poland’s first non-competitive CfD round.
Thomas Ragot, Head of Power & Utilities EMEA at Crédit Agricole CIB, noted: “These projects, with a combined capacity of 1.44 GW, mark a significant step in Poland’s energy transition and decarbonisation efforts. The transactions demonstrate our expertise in structuring complex energy financings and our continued support for large-scale renewable projects.”
Claudia Benichou, Head of France & Global Head of Sales for Structured Finance Hedging, highlighted the importance of managing market exposure early in volatile conditions: “Anticipating hedging strategies and locking parameters ahead of closing has become key in offshore wind financing. We are pleased to have contributed to delivering this complex transaction.”
Henry Manson of CA-CIB’s Infrastructure Coverage team added: “This project financing highlights the role of infrastructure investors like Brookfield in achieving clean energy objectives and further cements CA-CIB’s commitment to supporting the renewable energy sector.”
Equinor, majority-owned by the Norwegian government, aims to achieve net zero emissions by 2050. Senior Banker Sverre Sivertsen commented on the long-standing partnership between Equinor and Crédit Agricole CIB: “Over the past years, CACIB has played an instrumental role in several of Equinor’s renewable energy developments. This transaction underscores effective collaboration across product teams and functions.”
