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Appointed as LTA
million Polish homes
The Baltic Power offshore wind farm, a landmark project in Poland’s renewable energy journey, marks a significant milestone as the first offshore wind farm in the country to reach financial close.
Jointly owned by ORLEN, one of Poland’s leading energy companies (51%), and Northland Power, a global renewable energy developer (49%), the project is set to play a crucial role in Poland’s energy transition. Located in the Baltic Sea, 23 km from the North Polish coast near Łeba, the wind farm will have a planned capacity of 1.14 GW, enough to supply clean energy to over 1.5 million Polish households annually.
With construction already underway and completion targeted for 2026, the Baltic Power offshore wind farm is expected to operate for at least 30 years. As the first offshore wind project of its kind in Poland, Baltic Power posed several challenges. These included navigating uncharted regulatory waters, ensuring compliance with local and international standards, and managing the technical complexities of offshore wind development in a new market.
We were appointed as the Lenders' Technical Advisor (LTA) for the Baltic Power project, a role that leveraged our extensive experience in similar projects in the United Kingdom and Germany. We were involved in pre-construction technical due diligence on the financing of the wind farm.
Rahul Kohli, Senior Consultant, Due Diligence at K2 Management, said: "Polish offshore wind is a promising new early market, and we anticipate increased investor interest following initial CfD awards and initial project build-out to 2026. Supporting the financing of the Baltic Power project has been a key landmark for K2 Management as we support the development of offshore wind in new markets and this financing milestone represents a positive development for the wider offshore wind sector, particularly in the face of ongoing industry challenges. Together with the project partners, we are proud to facilitate Poland’s transition towards a sustainable energy future.”
“Offshore wind continues to take flight in Europe, and we’re honoured to be part of the latest exciting development in that journey. Independent technical advisory services play a critical role in ensuring the highest standards are maintained during the construction and operation of these projects, and we are committed to leveraging our knowledge and expertise in new markets."