CMS has advised Equinor Wind Power AS and Polenergia S.A. on financing for the Bałtyk 2 and Bałtyk 3 offshore wind farms with a total power capacity of 1440 MW, worth more than EUR 6bn.
Bałtyk 2 and Bałtyk 3 are located off the Polish coast in the Baltic Sea between Ustka and Łeba. Situated between 22 km and 37 km from the coastline, they are two of the most advanced offshore wind power projects under development in Poland. Full commercial power production is scheduled for 2028. The energy generated by the farms is estimated to be enough to power two million homes in Poland. These projects will have a significant impact on the Polish energy transition and will increase the share of renewables in the energy mix.
CMS carried out a due diligence analysis covering the environmental, regulatory, contractual, planning and real estate aspects – which are all essential for project financing. The firm also advised on the regulatory and structuring aspects applicable to the finance documents drafted under the project finance model.
Łukasz Szatkowski, CMS Energy & Infrastructure Partner, comments: “Advising on the Bałtyk 2 and Bałtyk 3 projects is a clear example of how regulatory complexity in large offshore wind developments translates into specific requirements from investors and financial institutions. Our work focused on the key regulatory aspects, providing precise legal guidance based on deep knowledge of local legislation. I’m confident that the successful execution of these projects will help establish a market standard for future offshore wind investments in Poland.”
The project was supervised by CMS Energy & Infrastructure partners Łukasz Szatkowski and Marcin Bejm, and included lawyers from the multidisciplinary team. Senior associate Kacper Stanosz led on the project documentation and legal due diligence workstreams for Bałtyk 2 and Bałtyk 3, with support from Karol Jaworecki, Magdalena Czenko, Marta Tarkowska-Losik, Anna Jarecka, Dominika Markowicz, Agata Jurek-Zbrojska, Mateusz Wosiek, Aleksander Grabecki, Marika Brokos, Mirosław Sadowski, Grzegorz Pączek and Mariusz Minkiewicz.
CMS has Poland’s leading Energy & Infrastructure practice. Experts in the firm’s Energy & Infrastructure practice have advised on some of the largest and most complex investment projects in the RES, nuclear and energy storage sectors for many years. The team supports clients at every stage of project development, including M&A transactions and investment structuring, comprehensive regulatory advice, and contracting and operational issues.
The firm has continuously maintained its leading position in the Chambers & Partners, Legal 500 and IFLR1000 international rankings. In the CEE region, CMS is Band 1 ranked by Chambers & Partners for Projects and Energy, the highest level of recommendation.
