Landmark financing secured for Poland's largest offshore wind projects

The financing was secured from a consortium of around 30 leading financial institutions, including the Nordic Investment Bank, the European Investment Bank, Euler Hermes, KUKE, and BGK. The project joint venture partners are Equinor (50%) and Polenergia (50%) the largest private energy group in Poland.

With a combined total power capacity of 1,440 MW—720 MW for each wind farm—Bałtyk 2 and Bałtyk 3 will generate enough electricity to power two million average Polish households. The projects will comprise 100 advanced wind turbines, each with a capacity of 14.4 MW, located 22 to 37 kilometers off the Polish coast. Full commercial power production is expected by 2028.

A&O Shearman’s multidisciplinary team, spanning the firm’s Warsaw and London offices, played a pivotal role in structuring and executing this complex, cross-border financing. The team drew on its deep expertise in project finance, energy regulation, and derivatives to deliver a successful outcome. The transaction was led by partners Mitchell Ikoghode (London) and Tomasz Kawczyński (Warsaw), with key support from counsel Joshua Htet and Kamil Jankielewicz; senior associates Chinedu Ihenetu-Geoffrey, Enzo Beule, and Konrad Zawistowski; and associates Joanne Lim, Abir Mishra, Aleksander Smakosz, and Michał Rudzki. In addition, a broader group of lawyers from both offices contributed significantly throughout the process, reflecting the scale and collaborative nature of the mandate. The team’s expertise in derivative transactions was led by partner Parya Badie (London), supported by senior associate Michel Abi-Saab and associate Robert Simmons.

Mitchell Ikoghode commented: “We are delighted to have advised Polenergia and Equinor on this landmark financing, which not only underscores the scale and ambition of the Bałtyk offshore wind projects but also reflects the strength of our international Energy and Infrastructure practice. This transaction showcases our expertise in advising on complex financing structures (with a mix of ECAs, IFIs and commercial banks) and navigating the evolving supply chain contractual arrangements in the offshore wind space. This transaction will have a great impact on the EU’s desire to achieve energy independence and security in Europe and will deliver impactful outcomes for our clients and support Poland’s clean energy transition.”

Tomasz Kawczyński commented: “Congratulations to our clients Equinor and Polenergia for reaching the Final Investment Decision and achieving financial close on this transformational transaction. These projects set a new benchmark for offshore wind financing in Poland and wider Europe. Our team’s ability to deliver innovative solutions in complex and cross-border projects demonstrates our commitment to helping clients achieve their strategic ambitions in the rapidly evolving renewables sector.