Linklaters has advised a group of commercial lenders, export credit agencies, and multilateral financial institutions on the development and USD 5.2 billion non-recourse green financing for the Baltic Power offshore wind farm. Hogan Lovells advised the borrowers. SSW Pragmatic Solutions advised Baltic Power.
The target project is owned by Orlen and Northland Power. According to Linklaters, 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 EIB, and the EBRD and is supported by three export credit agencies: Euler Hermes, Export and Investment Fund of Denmark, and Export Development Canada.
The project benefits from contracts for difference support under the first round of CfDs awarded by the Polish government under the Offshore Wind Act. Baltic Power is being developed off the Polish coast, near Leba and Choczewo and, once completed in 2026, will have a capacity of approximately 1,140 megawatts and generate enough electricity to provide over 1.5 million Polish households with clean energy, Linklaters reported.
The Linklaters team included Partners Marta Domino and Patryk Figiel, Managing Associates Jakub Dabrowski and Wojciech Podlasin, Senior Associate Maciej Checinski, and Associates Dominik Piechowiak and Marcin Woloszyn as well as further team members in London, Berlin, Amsterdam, New York, Paris, and Frankfurt.
The Hogan Lovells team included Lawyers in the US, the Netherlands, the UK, and Germany.
The SSW Pragmatic Solutions team included Partners Ilona Fedurek, Dominik Strzalkowski, Hubert Wysoczanski, Katarzyna Solarz-Wlodarska, Tomasz Wickel, Lukasz Karpiesiuk, Lukasz Grenda, Anita Palukiewicz, Robert Wodzynski, and Marcin Cetnarowicz, Counsel Marek Wedrychowski and Anna Sekowska, Senior Managing Associates Pawel Michalek and Marta Popis, Senior Associates Julia Wysocka, Krystian Trzcinski, Rafal Lapinski, Olga Panek, and Tomasz Pietrzyk, and Associates Filip Grabowski, Katarzyna Kusnierek, Agnieszka Ratajczak, Michal Ilasz, Kamil Jurzak, Iwona Domanska, and Kamil Wroblewski.