This is the largest investment supported by KUKE in the company's almost 35-year history and also the first to be covered by our green guarantee program aimed at facilitating the climate transformation of the Polish economy. The latest solution from our offer proves effective both in securing working capital for a small company and for investment loan for a large project improving the energy balance and national security of Poland. Thanks to it, we build and support supply chains that include domestic producers and contractors. KUKE's counterparts from other countries are following our lead and also introduce similar instruments, which only shows that energy issue is crucial for maintaining competitiveness in the global economy. We have the capability to significantly increase the scale of green transformation financing, and cooperation in such a complex project and within a large consortium of lending banks has shown that together we can accelerate this process.
Janusz Władyczak, CEO of KUKE
We have accomplished something remarkable: we secured financing from around 30 institutions - the biggest players in the international financial market — and obtained exceptionally favorable terms in what has been a challenging market in recent months. We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes.
Adam Purwin, CEO of Polenergia S.A.
Finacial close means that the conditions precedent to loan disbursement have been fulfilled. On May 19, Equinor and Polenergia took final investment decisions for both projects, officially launching the full-scale construction phase.
Strong interest from financial institutions underscores the robustness of these projects. It also highlights their strategic importance to Poland’s energy transition and the integration of large-scale renewable energy into the national energy mix. With key decisions finalized and financing secured, we now shift our focus to the safe, timely, and efficient execution of construction.
Michał Jerzy Kołodziejczyk, CEO of Equinor in Poland
The Bałtyk 2 and Bałtyk 3 projects, developed by Equinor and Polenergia, boast a total capacity of 1,440 MW and are a key component of the country’s energy transition, representing the largest private energy investment in Poland.
By 2028, green energy will be generated from 100 state-of-the-art wind turbines, each as tall as the Palace of Culture and Science in Warsaw, providing power to over 2 million Polish households. This initiative will significantly enhance the country’s energy security and independence. Located in the Polish exclusive economic zone of the Baltic Sea, the farms present opportunities for local industry and the national economy.