Equinor and Polenergia have reached financial and investment close for their Ba?tyk 2 and 3 offshore wind farms in the Baltic Sea. With a €7.2 billion investment, this marks the second-largest offshore wind investment in Poland to date. 20s4g

With a combined capacity of 1.4 GW and 100 offshore turbines, Ba?tyk 2 and 3 will generate affordable electricity for two million Polish households, significantly boosting the country’s energy independence.

The wind farms are expected to become operational by 2028, playing a key role in helping Poland reach its target of 5.9 GW of offshore wind capacity by 2030.

With over €6 billion in financing secured through project finance mechanisms, Ba?tyk 2 and 3 represent the largest project financing deal in Polish history.

“Ba?tyk 2 and 3 represent the beginning of a new era in the development of offshore wind in Poland,” said Micha? Jerzy Ko?odziejczyk, Country Manager for Equinor in Poland. “These wind farms will contribute to Poland’s industrial future by providing renewable electricity to Polish households, creating jobs, and enhancing energy security and the energy transition. We will work closely with industry partners to ensure safe and efficient delivery.”

For her part, Dominika Kulczyk, Chair of the Supervisory Board of Polenergia, noted: “This financial close is a very important and symbolic moment. It crowns years of planning and preparation, and at the same time opens a new chapter in Polenergia’s dynamic development. The Baltic offshore wind farm project is a massive investment—and also a great example of how, thanks to perseverance, commitment, and strong Polish-Norwegian collaboration, a bold vision from years ago, when offshore wind wasn’t even part of the conversation in Poland, is now becoming a reality before our eyes.”

Offshore Wind: A Pillar of Progress in Poland 2l3f15

With a planned capital investment of 300 billion PLN by 2040, offshore wind is the largest investment initiative in post-war Poland. The sector is becoming a launchpad for Polish companies to emerge as European leaders in green technology.

Polish firms are already participating in the production of foundations, cables, and other key components, ensuring that a significant portion of the investment stays in-country. The Ba?tyk projects will further accelerate the development of Poland’s offshore wind supply chain.

The Polish Offshore Wind Sector Deal sets targets to maximize local content. Equinor and Polenergia aim to achieve up to 38% Polish content throughout the full project cycle. They are also advancing the Ba?tyk 1 project, which received environmental approval this year and is preparing for Poland’s offshore wind auction, expected in the second half of 2025. With a capacity of up to 1.56 GW, Ba?tyk 1 has even greater ambitions for local content, aiming to exceed 40%.

Europe Accelerates Offshore Wind Deployment 612l14

Ba?tyk 2 and 3 are not the first offshore wind farms to reach FID (Final Investment Decision) in 2025. Across Europe, six projects have secured financing this year.

In Poland, PGE and Ørsted financed their Baltica 2 project, with an expected capacity of 1.5 GW. In the UK, Red Rock Renewables and ESB are moving forward with Inch Cape (1.1 GW). In , Vattenfall is progressing on Nordlicht 1 and 2, with a combined expected capacity of 1.6 GW.

This brings Europe’s total offshore wind capacity financed in 2025 to 5.6 GW—a 107% increase over all of 2024.

Challenges Persist 2y5m4f

Despite the momentum, several major challenges remain. Alongside grid connection issues and the slow pace of electrification, rising costs are now the primary concern for offshore wind projects.

Inflation, higher input costs, and rising interest rates are impacting sectors across Europe, but the capital-intensive nature of offshore wind means it is disproportionately affected—especially in markets where governments do not provide revenue-stabilizing mechanisms, such as bilateral Contracts for Difference (CfDs).