- Published: 08 August 2023 08 August 2023
The European Investment Bank (EIB) has approved the in-principle financing of the Baltica OWF project to be implemented by the PGE Group. The total financing package amounts to EUR 1.4 billion.
The project will consist of several stages. For each of the stages of the Baltica OWF (stages Baltica 2 and Baltica 3), there is one tranche to be disbursed in the Project Finance formula in the amount of up to EUR 350 million and one tranche to be disbursed based on guarantees from financial institutions, banks, or export credit agencies. PGE is building the Baltica OWF together with its Danish partner, Ørsted. The project with a total capacity of approx. 2.5 GW, consists of two stages: Baltica 2, with a capacity of approx. 1.5 GW, which is scheduled to be commissioned in 2027, and Baltica 3, with a capacity of approximately 1 GW, which is planned to be commissioned by the end of this decade.