Poland’s Orlen green lights €4.7 billion renewables project
11 October 2023
Poland’s leading energy company, Orlen, has given the financial sign-off for the Baltic Power offshore wind farm project, the first of its kind in the country.
The project, with an investment of €4.73 billion, will have a capacity of 1.1GW and will be developed as a collaborative effort between Orlen and Canada’s Northland Power.
The progression of the project follows the Orlen and Northland Power signing a €3.8 billion credit agreement with a consortium of 25 Polish and international banks to fund the Baltic Power project in September.
Last month, Denmark’s Vestas secured a contract to supply 76 V236-15 MW turbines for the Baltic Power project, with deliveries scheduled to commence in the first quarter of 2025.
Orlen has now set out a timeline for the project’s completion, aiming to have it commissioned and operational by the year 2026.
More wind projects to come
The company also initiated the construction of an installation terminal on October 11 in the port of Swinoujscie, located in northwest Poland, which will serve as a hub for assembling and launching the Baltic Power wind farm, as well as potential future offshore wind projects.
The construction of the terminal is slated for completion in late 2024 or early 2025.
Orlen CEO Daniel Obajtek said, “We have started the largest investment in renewable sources in the country and entire region.
“We want to use our experience and build infrastructure for other projects as well. An example is the just-started construction of an offshore wind farm installation terminal in Swinoujscie, which will be used in the implementation of Baltic Power, but also in the next five farms planned by the Orlen Group with a total capacity of 5.2 GW.”
Following the announcement, Northland Power’s CEO, Mike Crawley, said, “We are very interested in participating in more offshore wind farm projects in the Baltic Sea.”