Linklaters has advised a group of commercial lenders, ECAs and multilateral financial institutions on the development and $5.2bn non-recourse green financing of the Baltic Power offshore wind farm, which is owned by ORLEN (51%) and Northland Power (49%). This is the first offshore wind farm to reach financial close in Poland.
The multi-sourced green financing is being provided by twenty-five international and local commercial banks, the European Investment Bank and the European Bank for Reconstruction and Development and is supported by three export credit agencies, namely Euler Hermes, Export and Investment Fund of Denmark and Export Development Canada.
Baltic Power is being developed off the Polish coast, near Ćeba and Choczewo, and once completed in 2026 will have a capacity of ca. 1,140 MW and will generate enough electricity to provide over 1.5 million Polish households with clean energy. The project benefits from CfD support under the first round of CfDs awarded by the Polish government under the Offshore Wind Act.
The Linklaters team was led by managing associates Isabella Peplinski (Energy and Infrastructure, London) and Jakub DÄ browski (Energy and Infrastructure, Warsaw), supervised by partners Richard Coar (Energy and Infrastructure, London), Marta Domino (Banking and Finance) and Patryk Figiel (Energy and Infrastructure, both Warsaw). Key team members included: partner Thomas Schulz (Corporate, Berlin), senior associate Maciej ChÄciĆski (Banking and Finance, Warsaw), associates Dominik Piechowiak (Energy and Infrastructure) and Marcin WoĆoszyn (Banking and Finance, both Warsaw), managing associate Laura Marx-PfĂ€lzner (Corporate, Berlin), associates Hadiah Amirullah and Katie Rivers (both Energy and Infrastructure, London), managing associates Wojciech Podlasin (Antitrust & Foreign Investment, Warsaw), Iyesogie Igiehon (Environment) and associate Daniel Hilbert (Structured Finance, both London). The transaction required close cooperation between numerous Linklaters offices around the world including Berlin, Amsterdam, New York, Paris and Frankfurt.
