Crédit Agricole CIB supports PGE in the financing of the 1,5GW Baltica 2 offshore wind project

This significant milestone underscores PGE’s commitment to advancing renewable energy in Poland. Developed through a 50:50 joint venture with Ørsted, Baltica 2 stands as one of Poland’s largest offshore wind farms and an important component of the nation’s offshore wind expansion. The project was awarded a 25-year Contract for Difference, which guarantees a set price for the volume of electricity produced and therefore enhances long-term revenue predictability.

The financing will enable PGE to commence construction, contributing to Poland’s clean energy transition and decarbonisation objectives. By integrating significant renewable capacity into the energy mix, Baltica 2 will play a significant role    in reducing greenhouse gas emissions and promoting sustainable development.

Crédit Agricole CIB is proud to have acted as Mandated Lead Arranger (MLA) and Hedge Provider for this transaction. Together with the participation from Crédit Agricole Polska and Crédit Agricole Transition Energies, the collaboration among Groupe Crédit Agricole entities on this deal highlights the Bank’s expertise in structuring complex energy financings and the Group’s dedication to supporting projects that foster a low-carbon future.

This achievement reflects the strong partnership between PGE and Crédit Agricole CIB, aiming to drive sustainable energy initiatives and support the global shift towards renewable energy sources.

For more information about Baltica 2 project, click here Will open in a new tab .