Tuesday, September 21, 2021

Baltic Power appoints financial advisor for the project

Baltic Power appoints financial advisor for the project

A consortium comprising Pekao Investment Banking and Green Giraffe has been mandated as financial advisor for the offshore wind farm project Baltic Power. The two companies will be responsible for raising funding for the project, which is due to start in 2024, with commercial operation planned in 2026.

The role of the advisor will be to develop a complete concept of raising funds for the project along with an execution schedule. The consortium will also prepare the required documentation and establish contacts with potential partners.

The consortium we have selected combines two features that are vital to us – in-depth knowledge of the Polish market and a long track record of raising capital for offshore wind projects. Financing large-scale offshore projects is still new to local financial institutions. The combined knowledge and experience of the two companies will help with effective fundraising and will set the course for the financing of similar ventures in the Baltic Sea,’ notes Jarosław Broda, President of the Baltic Power Management Board.

The companies selected in the process have the required expertise and experience in providing financial advisory to energy projects. Pekao Investment Banking is a Polish company with an over 20-year track record of providing comprehensive advisory services focused on developing financial strategies and structuring and implementing fundraising processes for energy and other projects. Green Giraffe is an international financial advisory firm headquartered in Germany, specialising in the renewable energy sector. With its operating history dating back to 2010, the company has been involved in raising finance for projects with a total capacity of over 100 GW, most of them located in Europe. The advisor’s offshore wind experience includes participation in the financing of 14 projects with a total capacity of just under 5 GW.

The 1.2 GW Baltic Power offshore wind project is implemented by PKN ORLEN in partnership with Northland Power of Canada. The project site, with an area of approximately 131 km2, is located about 23 km north of the Baltic coastline, near Łeba and Choczewo.

SEE ALSO

news

Tuesday, October 26, 2021

Baltic Power invitation to tender (RFI) for Marine Warranty Surveyor

Baltic Power intends to conduct and invites interested parties to participate in a Request for Information (RFI) for the services to be provided by Marine Warranty Surveyor (MWS) for the project. The services will be provided for the construction period of the offshore wind farm, which is planned to be conducted between 2024 and 2026.


MORE
news

Monday, July 5, 2021

Baltic Power finalises geotechnical surveys of the Baltic Sea bed

​Twelve specialised vessels are beginning the main phase of geotechnical surveys of the Baltic Sea bottom in the area of the planned wind farm and along the connection route. Completion of the tests is scheduled for later this year. The results will provide a basis for the development of a detailed plan of locations of the foundations for the turbines and offshore substations and their connection to the onshore transmission infrastructure.


MORE
news

Tuesday, June 15, 2021

Energy Regulatory Office awards support for Baltic Power wind farm

The Energy Regulatory Office has granted support for the Baltic Power project in the form of a 25-year Contract for Difference (CfD). Under the CfD, the project owner will receive payments covering any negative balance of electricity generated offshore and fed into the grid, which means that the project will be compensated for the potential difference between the market price of electricity and the strike price of the CfD.


MORE