Global law firm Clifford Chance advised the financial institutions on two project financing packages of over EUR 3 billion for Bałtyk 2 and over EUR 3 billion for Bałtyk 3. The offshore wind farms are being developed by project joint venture partners Equinor and Polenergia. The financing was secured from a consortium of around 30 leading financial institutions, including the European Investment Bank, the Nordic Investment Bank, Euler Hermes, KUKE and BGK. It was the largest project finance transaction in the history of the Polish energy sector.
The financings will support the projects with a combined capacity of 1,440MW – enough to power two million average Polish households. These projects will play an important role in advancing Poland’s renewable energy goals. Comprising 100 wind turbines (14.4 MW each) located 22 to 37 kilometers off the Polish coast, the projects will be developed jointly and largely on the same timeline. They are expected to be fully operational by 2028. Both Bałtyk 2 and Bałtyk 3 have been awarded 25-year Contracts for Difference (CfDs).
The international Clifford Chance team advising on the transaction was led by Andrzej Stosio (Partner), Clare Burgess (Partner), Michał Jadwisiak (Counsel) and Marcin Markowski (Counsel). The finance team, which was coordinated by Michał Jadwisiak across all jurisdictions, included also Artur Gładysz (Senior Associate), Wojciech Wątor (Senior Associate), Aleksandra Białyszewska (Associate), Joanna Korycińska (Associate), Natalia Karasiewicz (Associate), Mateusz Leleno (Associate), Marta Świderska (Associate), Oskar Ratajczak (Associate), Julia Rychlińska (Associate), Zarina Tuliszka (Associate), Aleksandra Korniluk (Trainee), and Natalia Zań (Trainee). The due diligence and regulatory advisory team, which was coordinated by Marcin Markowski, included also Aleksandra Bartoszewicz (Senior Associate), Adrian Król (Senior Associate), and Zuzanna Potoczna (Senior Associate). Lounia Czupper (Partner) and Yonathan Tison (Lawyer) advised on the Belgian law aspects of the transaction. German law advice and assistance with respect to Euler Hermes matters was provided by Florian Mahler (Partner). Delphine Siino Courtin (Partner) and Maxence De Rouville (Senior Associate) acted as special counsel to the European Investment Bank. Anna Biała (Counsel), Kerstin Schaepersmann (Senior Counsel) and Marc Benzler (Partner) advised on the capital requirements compliance of the cover provided by the export credit agencies.
